- Push-out Score determined
- After about four years in the position
- Responsibilities redistributed
- Search for a successor
(exechange) — Elma, New York, December 27, 2021 — Kenneth Trbovich, chief executive of Servotronics, leaves. As announced by Servotronics Inc. in a news release and in a regulatory filing published on Monday, December 27, 2021, Kenneth D. Trbovich has left his post as chief executive officer at the manufacturer of servo-control components and other technology products, after about four years in the role, effective December 21, 2021.
Servotronics will undertake a search for a successor.
Following Kenneth Trbovich’s departure, the position of Chief Executive Officer will not be filled for the time being. Kenneth Trbovich’s responsibilities are being redistributed.
“After a nearly six-month-long internal investigation identified grounds for his termination”
Kenneth Trbovich’s departure from the CEO post is explained as follows. Servotronics said: “Kenneth D. Trbovich has resigned as Chief Executive Officer and President and was removed as Chairman of the Board, after a nearly six-month-long internal investigation identified grounds for his termination. … Today’s announcement follows a previously disclosed internal investigation, authorized by the Board on June 8 when Mr. Trbovich was placed on administrative leave, one day after a then-employee filed a civil complaint making allegations regarding the executive’s conduct. The investigation was undertaken by independent, outside counsel. On Dec. 1, Mr. Trbovich was informed that grounds for termination were identified during the investigation and a Dec. 22 meeting was scheduled for the Board to hear from the executive and consider the matter. On Dec. 21, Mr. Trbovich resigned as CEO and President. At its Dec. 22 meeting, the Board accepted his resignation, removed him as Chairman, and based on the findings of the investigation determined that he committed willful malfeasance that would have justified termination. The Company has not disclosed other findings of the investigation, as they relate to personnel matters. While the former executive remains a director, the Company does not intend to renominate him for election to the Board at the 2022 annual meeting of shareholders.”
Precise information regarding Kenneth Trbovich’s future plans was not immediately available.
“Resigned/terminated his employment”
Servotronics said: “On Dec. 21, Mr. Trbovich resigned as CEO and President.”
Servotronics further said: “On December 21, 2021, Kenneth D. Trbovich, President and Chief Executive Officer of the Company, terminated his employment by delivering a Notice of Termination to the Company.”
Share price increase since November 2017
The announcement follows an increase in Servotronics Inc.’s share price of 45% since November 2017.
In the position of CEO since 2017
Kenneth Trbovich became CEO of the Company in 2017.
Kenneth D. Trbovich has been Chairman of the Board and Chief Executive Officer since November 2017 and President of the Company since 2012.
Trbovich has served as a Director since 2012.
Trbovich has also been President and CEO of the Company’s subsidiary, The Ontario Knife Company (OKC).
Trbovich initially joined the Company in 1993.
Trbovich holds undergraduate degrees from Medaille College and Skidmore College in addition to certificates from the State University of New York at Buffalo’s School of Management and the University of Rochester’s Simon School of Business.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Kenneth Trbovich’s move on a scale of 0 to 10.
exechange reached out to Servotronics and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 1.2022 ($).