Star Equity announces update to its director nominations at Servotronics

Star Equity Fund (STRR) is an investment fund focused on unlocking shareholder value and improving corporate governance at its portfolio companies. Star Equity Fund owns 5.4% of the common stock of Servotronics (SVT) and, for the benefit of all SVT stockholders, announced that it will be proceeding with the nomination of two qualified candidates for election to the Company’s board of directors at the Company’s 2023 annual meeting of shareholders. As we mentioned in our press release on February 14, 2023, STar has concluded the only way to improve corporate governance and maximize shareholder value at SVT is to change the composition of the incumbent Board. It are seeking to replace Edward Cosgrove and Christopher Marks, the longest tenured Board members, who have overseen a period of value destruction, poor financial and operating performance, and bad corporate governance. As a whole, we believe the incumbent Board lacks the necessary experience and expertise to change the trajectory at SVT. Mark Pomeroy spent 20 years working for General Electric’s (GE) Aircraft Engine division where he acted as both a Master Black Belt staff engineer and Manager of Fleet Operations and Engine Overhaul Customer Satisfaction. Richard Coleman currently serves as Chief Executive Officer for Star Equity Holdings, a diversified holding company, and has served on the board of directors since April 2022.