ELMA, N.Y., Jan. 16, 2017 /PRNewswire/ -- Servotronics, Inc. (NYSE MKT: SVT), a designer and manufacturer of servo-control components and other advanced technology products, announces the hiring of industry veteran Lisa Bencel as Chief Financial Officer. Ms. Bencel brings over 35 years of accounting and financial leadership experience in the defense and aerospace industry as well as other major manufacturing and technology companies.
"The appointment of Lisa Bencel is the result of a thorough and deliberate search process executed by Servotronics' management and our Board of Directors," observed Dr. Trbovich. "I look forward to working with Ms. Bencel as she brings extensive financial planning and strategy experience to the team to support our ongoing growth."
Ms. Bencel's extensive career includes 15 years of experience at General Electric Company, primarily with GE Aerospace Group, performing a variety of financial and strategic planning, project/program accounting and compliance, and budgetary control functions. After leaving GE as a Manager of Finance, she held several executive positions with increasing financial leadership responsibilities including Business Controller at AlliedSignal (now Honeywell), Vice President of Finance, Business Planning & Control at Ericsson, Vice President of Finance at L-3 Communication's Space & Navigation division, and Controller at Raytheon Technical Services Company. Prior to joining Servotronics, Ms. Bencel was the Global Controller and Treasurer at the privately held information services company kgb (previously INFONXX).
"On behalf of the Board of Directors and the entire leadership team I would like to welcome Lisa Bencel to the Company," said Kenneth Trbovich, President and Director. "We are confident that her industry knowledge and financial acumen will enhance the financial vision and corporate governance of Servotronics."
Ms. Bencel holds a Bachelor of Science in Accounting from Seton Hall University and a Master of Business Administration from the Fuqua School of Business at Duke University. In addition, she is a Certified Public Accountant in the Commonwealth of Pennsylvania. She has relocated to the Buffalo area from Philadelphia.
"I am very honored and excited about the opportunity to join the Servotronics family," said Ms. Bencel. "The Company's performance over recent years is a testament to its strong foundations and I'm looking forward to helping Servotronics continue building on the Company's success and creating value for our shareholders."
Servotronics, Inc. is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo control and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, machetes and combat, survival, sporting, agricultural, and pocket knives for both commercial and government applications.
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company's planned growth efforts and expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenues from fixed price contracts with agencies of the U.S. Government or their prime contractors. The following factors, among others discussed herein, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today's global economy, including political risks, adverse changes in legal and regulatory environments, and difficulty in predicting defense appropriations, the introduction of new technologies and the impact of competitive products, the vitality of the commercial aviation industry and its ability to purchase new aircraft, the willingness and ability of the Company's customers to fund long-term purchase programs, and market demand and acceptance both for the Company's products and its customers' products which incorporate Company-made components, the Company's ability to accurately align capacity with demand, the availability of financing and changes in interest rates, the outcome of pending and potential litigation and the additional risk factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE MKT
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SOURCE Servotronics, Inc.