The Eastern Company Appoints Nick Vlahos to Succeed Peter O’Hara as its Chief Financial Officer

Rhea-AI Summary

The Eastern Company (NASDAQ:EML) has appointed Nicholas Vlahos as the new Chief Financial Officer, effective February 3, 2023. Vlahos succeeds Peter O'Hara, who resigned to pursue other opportunities. Mark Hernandez, President and CEO, praised Vlahos for his strong leadership and integral role in the company's growth since joining in 2017. Vlahos aims to focus on enhancing systems and processes to drive financial performance and shareholder value. Eastern Company operates across various industrial markets, offering unique engineered solutions globally, with a focus on long-term macroeconomic opportunities.

Positive

• Nicholas Vlahos's appointment may provide fresh leadership, which could positively impact strategic execution.
• Vlahos's extensive experience in financial operations and capital deployment supports potential growth initiatives.

Negative

• Peter O'Hara's resignation raises concerns about continuity and experience in the CFO role.

SHELTON, CT / ACCESSWIRE / January 26, 2023 / The Eastern Company (the "Company" or "Eastern") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving commercial transportation, logistics, and other industrial markets, today announced that its Board of Directors has named Nicholas ("Nick") Vlahos as its Chief Financial Officer to succeed Peter O'Hara, who has resigned effective February 3, 2023 to pursue other opportunities.

Mark Hernandez, Eastern's President and Chief Executive Officer, said, "During his time at Eastern, Nick has demonstrated strong leadership capabilities, business judgment, and results orientation. Nick has been integral to Eastern's growth, both organically and inorganically, and is uniquely qualified to take on this important role. He brings extensive experience in capital deployment, financial operations, and financial reporting with a broad and deep understanding of our business strategy, structure, and culture."

Mr. O'Hara commented, "I am pleased to hand over the CFO reins to Nick, an excellent financial leader and highly trusted colleague. I am confident that Nick will help Mark and the team execute on Eastern's plans to expand margins, drive cash flow and grow shareholder returns."

Mr. Vlahos said, "I am privileged to be named CFO. I look forward to driving Eastern forward through our next stage of growth with a focus on systems, processes and people to accelerate margin expansion and shareholder value appreciation."

Mr. Vlahos, 41, joined Eastern in 2017 as Treasurer, and since 2022 has served as Vice President of Finance, Treasurer and Secretary of the Company. Mr. Vlahos earlier served as Director of Finance, Accounting and Human Resources at Fischer Technology, Inc. He earned an MBA and a BA from Central Connecticut State University.

Mr. Vlahos' appointment is effective as of the close of business February 3, 2023.

About The Eastern Company

The Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to markets. Eastern's businesses operate in industries that offer long-term macroeconomic growth opportunities. The Company operates from locations in the U.S., Canada, Mexico, U.K., Taiwan, and China. More information on the Company can be found at www.easterncompany.com.

Safe Harbor for Forward-Looking Statements

Statements in this document about our future expectations, beliefs, goals, plans, or prospects constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the rules, regulations, and releases of the Securities and Exchange Commission. Any statements that are not statements of historical fact, including statements containing the words "would," "should," "may," "will," "believes," "estimates," "intends," "continues," "reflects," "plans," "anticipates," "expects," "potential," "confident," "look forward," "opportunities" and similar expressions, should also be considered to be forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which are based upon management's current beliefs and expectations. These forward-looking statements are subject to risks and uncertainties, and actual results might differ materially from those discussed in, or implied by, the forward-looking statements. The risks and uncertainties that could cause actual results or events to differ materially from those indicated by such forward-looking statements include the scope and duration of the COVID-19 pandemic and economic effects of the COVID-19 pandemic, including supply chain disruptions, cost inflation, delays in delivery of our products to our customers, impact on demand for our products, reductions in production levels, increased costs, including costs of raw materials, the impact on global economic conditions, and the availability, terms, and cost of financing, including borrowings under credit arrangements or agreements. Other factors include, but are not limited to: risks associated with doing business overseas, including fluctuations in exchange rates and the inability to repatriate foreign cash, the impact on cost structure and on economic conditions as a result of actual and threatened increases in trade tariffs and the impact of political, economic and social instability; restrictions on operating flexibility imposed by the agreement governing our credit facility; the inability to achieve the savings expected from global sourcing of materials; the impact of higher raw material and component costs, particularly steel, plastics, scrap iron, zinc, copper and electronic components; lower-cost competition; our ability to design, introduce and sell new products and related components; market acceptance of our products; the inability to attain expected benefits from acquisitions or the inability to effectively integrate such acquisitions and achieve expected synergies; domestic and international economic conditions, including the impact, length and degree of economic downturns on the customers and markets we serve and more specifically conditions in the automotive, construction, aerospace, energy, oil and gas, transportation, electronic, and general industrial markets; costs and liabilities associated with environmental compliance; the impact of climate change or terrorist threats and the possible responses by the U.S. and foreign governments; failure to protect our intellectual property; cyberattacks; and materially adverse or unanticipated legal judgments, fines, penalties or settlements. There are important, additional factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including those set forth in our reports and filings with the Securities and Exchange Commission. We undertake no obligation to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise, except as required by law.

Contact:

The Eastern Company
Mark Hernandez
Nick Vlahos
203-729-2255

SOURCE: The Eastern Company

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https://www.accesswire.com/736762/The-Eastern-Company-Appoints-Nick-Vlahos-to-Succeed-Peter-OHara-as-its-Chief-Financial-Officer

FAQ

Who has been appointed as the new CFO of The Eastern Company?

Nicholas Vlahos has been named the new Chief Financial Officer of The Eastern Company.

When does Nicholas Vlahos officially start as CFO of The Eastern Company?

Nicholas Vlahos's appointment as CFO is effective February 3, 2023.

What led to Peter O'Hara's resignation from The Eastern Company?

Peter O'Hara resigned to pursue other opportunities.

What are the expected impacts of Vlahos's appointment on The Eastern Company?

Vlahos aims to enhance systems and focus on margin expansion and shareholder value appreciation.