Allied Motion Announces Board of Director Retirements and Additions
Allied Motion Technologies Inc. (Nasdaq: AMOT) announced Board of Director changes following its Annual Meeting of Shareholders. Directors Linda P. Duch and Gerald J. Laber retired and did not seek re-election. New independent directors, Nicole R. Tzetzo and Steven C. Finch, were elected to the Board. Tzetzo has extensive experience in finance and legal operations, while Finch brings over 41 years of experience in manufacturing from General Motors. The Board's composition aims to enhance strategic goals and technology-driven solutions in the controlled motion market.
- Appointment of Nicole R. Tzetzo and Steven C. Finch as independent directors enhances Board diversity and expertise.
- New directors possess significant experience in finance, manufacturing, and customer relations, which may support the company's strategic objectives.
- None.
Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion” or “Company”), a designer and manufacturer of precision and specialty controlled motion products and solutions for the global market, announced Board of Director changes, effective with today’s Annual Meeting of Shareholders.
Linda P. Duch and Gerald J. (Bud) Laber retired from their positions as directors and did not stand for re-election to the Board after each of their current terms expired.
Dick Warzala, Chairman and CEO, commented,” We are most appreciative of the strong leadership skills, broad industrial experience, and strategic insights that Linda and Bud brought to the Board of Allied. Their contributions will have a lasting impact on us for years to come. We are deeply appreciative of their service to our Board and Company and we wish them well.”
Nicole R. Tzetzo and Steven C. Finch were elected to Allied’s Board. Both new Directors are considered independent.
Mr. Warzala added, “We are pleased to welcome Nicole and Steven to the Allied team. Their varied skills and experience are complementary to those of the existing Board members and we anticipate that their insights will prove invaluable as we navigate these unusual times in the near term and drive toward our strategic goals in the long term. We are confident that the significant business and legal experience offered by Nicole and Steven’s expansive and diverse experience in manufacturing, customer relations, and labor relations will be instrumental in guiding Allied as we continue to execute our One Allied strategy.”
Ms. Tzetzo currently serves as Chief Operating Officer of Tzetzo Companies LLC, a residential and commercial real estate company. From 2016 to 2018 she served as Vice President of Finance and Administration at the Ralph C. Wilson, Jr. Foundation where she was responsible for all of the Foundation’s legal and financial operations. As a Partner at Hodgson Russ, LLP and Jaeckle Fleischmann & Mugel, LLP, she represented numerous for-profit and not-for-profit clients on general tax and business matters. She currently is and has been involved with numerous private and non-profit boards.
Mr. Finch is the former Plant Manager of the General Motors (“GM”) Tonawanda Engine Plant, one of Western New York’s largest manufacturers. He began his 41-year career with GM in 1976 and held several assignments with increasing responsibility at various GM facilities outside Buffalo before becoming Tonawanda Engine Plant Manager in 2007. Following his 2017 retirement from GM,
Mr. Finch joined the Automobile Association of America Western and Central New York as Senior Vice President of Automotive Services. He is currently an independent director at National Fuel Gas Company (NYSE: NFG), where he serves on the Audit Committee and Nominating/Corporate Governance Committee.
About Allied Motion Technologies Inc.
Allied Motion (Nasdaq: AMOT) designs, manufactures and sells precision and specialty controlled motion products and solutions used in a broad range of industries within our major served markets, which include Vehicle, Medical, Aerospace & Defense, and Industrial. Headquartered in Amherst, NY, the Company has global operations and sells into markets across the United States, Canada, South America, Europe and Asia-Pacific.
Allied Motion is focused on controlled motion applications and is known worldwide for its expertise in electro-magnetic, mechanical and electronic motion technology. Its products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gear motors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, active (electronic) and passive (magnetic) filters for power quality and harmonic issues, and other controlled motion-related products.
The Company’s growth strategy is focused on being the controlled motion solutions leader in its selected target markets by leveraging its “technology/know how” to develop integrated precision solutions that utilize multiple Allied Motion technologies to “change the game” and create higher value solutions for its customers. The Company routinely posts news and other important information on its website at www.alliedmotion.com.
Safe Harbor Statement
The statements in this news release that relate to future plans, events or performance are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Examples of forward-looking statements include, among others, statements the Company makes regarding expected operating results, anticipated levels of capital expenditures, the Company’s belief that it has sufficient liquidity to fund its business operations, and expectations with respect to the conversion of backlog to sales. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of the Company’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, general economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, conditions affecting the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the pace of bookings relative to shipments, the ability to expand into new markets and geographic regions, the success in acquiring new business, the impact of changes in income tax rates or policies, the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses’ and governments’ responses to the pandemic on our operations and personnel, and on commercial activity and demand across our and our customers’ businesses, and on global supply chains; our inability to predict the extent to which the COVID-19 pandemic and related impacts will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict the occurrence of those matters or the manner in which they may affect us. The Company has no obligation or intent to release publicly any revisions to any forward looking statements, whether as a result of new information, future events, or otherwise.
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