Investment group wants all Servotronics directors replaced
Connecticut-based Star Equity Holdings continued its campaign for change at Elma's Servotronics with a proposal to replace the entire board of directors.
Star Equity Holdings, a Connecticut-based company, announced last week its six nominee slate for the six-member board. The fund holds approximately 5.4% of Servotronics stock. (NYSE: SVT). Servotronics announced last week that Lucion Gygax, a board member, was stepping down immediately. Baird is an investor and active participant in the Western New York business community. He was previously president and CEO at Merchants Group Inc., a Buffalo-based insurance company. In a statement, Chairman Christopher Marks stated that Brent was welcome to the board. Two independent directors were appointed by the board in April: Evan Wax and Karen Howard. Star Equity proposed its slate of directors almost a full year ago to Servotronics. Star Equity approached the board in November to suggest a merger between Servotronics and Star Equity. Farrell stated earlier this month that Servotronics was in the midst implementing a new strategy plan to help it move beyond the events of the past few years and get back on track to profitability.