Servotronics announces details of strategic vision, operating plan

Servotronics announced details of its strategic vision to improve operational effectiveness and help drive sustainable growth and long-term shareholder value. "Within the last twelve months the Company made considerable progress in revitalizing its leadership and culture. Steps included: Named William F. Farrell, Jr. as Chief Executive Officer to lead a transformation and revitalization of the culture and business results. Refreshed the Board of Directors with three new independent directors and a non-executive Chairman to enhance overall governance and bring fresh perspectives to leadership…Strengthened the corporate leadership team, including the addition of a new Director of Human Resources and two executives to lead its Advanced Technology Group and Consumer Products Group segments. Announced the pursuit of strategic alternatives for CPG to align long-term strategic focus on Servotronics’ core aerospace business. "Our team has made tremendous progress over the past year to revitalize our culture and define a long-term strategic vision for the business," said Chief Executive Officer William F. Farrell, Jr. "Our efforts to create additional value for all stakeholders began with the refresh of our corporate culture to drive integrity and accountability. In addition, we have added leadership team members that exemplify this change and bring capabilities to improve the performance of our Company. This transformation will enhance our operational effectiveness, create profitable growth, and result in long-term value for our employees, customers, and shareholders."…In support of the implementation of the Company’s new long-term strategic vision, the Leadership Team has developed a 5-year operating plan to drive profitable growth. By executing the strategic plan, targeted improvements in financial results include: Mid-single-digit revenue growth which is in line with, or slightly higher than, projected industry growth. A return to pre-pandemic gross margins, representing meaningful improvement in profitability over the 5-year time horizon. Chief Executive Officer William F. Farrell, Jr. concluded, "Our refreshed Board of Directors and new Leadership Team are guiding the Company through a culture change, and driving our updated strategy. We are respecting Servotronics’s historical strengths and are accelerating to the future on our newly developed strategic path. This transformation will create improved financial performance and value for all of our stakeholders."