Servotronics, Inc (NYSEMKT:SVT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On August 11, 2017, the Board of Directors of Servotronics, Inc., on the recommendation of its Independent Directors Committee, approved a change to the compensation of Kenneth D. Trbovich, President, to reflect his increased responsibilities resulting from the sudden and unexpected death of the Company’s founder, Chairman and Chief Executive Officer, Dr. Nicholas D. Trbovich. Mr. Trbovich’s annual base salary was increased to $524,412 effective immediately.
About Servotronics, Inc (NYSEMKT:SVT)
Servotronics, Inc. designs, manufactures and markets advanced technology products consisting primarily of control components and consumer products consisting of knives and various types of cutlery and other edged products. The Company’s segments include Advanced Technology Group (ATG) and Consumer Products Group (CPG). ATG’s operations involve the design, manufacture and marketing of servo-control components, which include torque motors, control valves and actuators, among others for government, commercial and industrial applications. CPG’s operations involve the design, manufacture and marketing of a range of cutlery products, such as steak, carving, bread, butcher and paring knives for household use and for use in restaurants, institutions and private industry, as well as equipment and gear, including fixed and folding knives for hunting, fishing and camping. The Company sells knives and tools to the United States Government, related agencies and allied foreign governments.