Servotronics Appoints Robert Fraass as Chief Financial Officer

Rhea-AI Summary

Servotronics, Inc. (NYSE American: SVT) has appointed Robert Fraass as the new Chief Financial Officer, effective May 1, 2023. He replaces Lisa F. Bencel, who will depart later in May. Fraass brings over twenty years of experience from his previous role as Senior VP of Finance at Stark Technologies Group and has held executive positions at PostProcess Technologies, Ivoclar Vivadent, Integer, and Integrys Energy Services. CEO William F. Farrell, Jr. emphasized Fraass's expertise in financial strategies for sustainable growth and timely financial reporting. This management change aims to enhance leadership within the company as it continues to develop its servo-control components and advanced technology products.

Positive

• Robert Fraass brings over 20 years of experience in financial leadership.
• Strategic leadership addition may lead to sustainable growth for the company.

Negative

• Departure of Lisa F. Bencel may create continuity concerns during the transition.

ELMA, N.Y., April 26, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products announced today that Robert Fraass has been appointed Chief Financial Officer of the Company effective May 1, 2023. He replaces Lisa F. Bencel who will be leaving the Company later in May to pursue other interests.

Mr. Fraass most recently comes from Stark Technologies Group, Inc. where he served as Senior Vice President of Finance – Corporate Controller & Treasurer. He has also held several executive finance roles of increasing responsibility at PostProcess Technologies, Ivoclar Vivadent, Integer and Integrys Energy Services.

"Rob is a seasoned professional who comes to Servotronics with over twenty years of experience developing financial strategies for sustainable growth, working collaboratively to achieve strategic goals and providing accurate and timely financial reporting," said William F. Farrell, Jr., Chief Executive Officer of Servotronics. "We are delighted he is joining our organization and look forward to the addition of his strategic leadership to our executive team. We also want to thank Lisa for her dedication and contributions during the past six years, and wish her the very best of success in her future endeavors." 

Mr. Fraass attended Bucknell University in Pennsylvania where he graduated with a Bachelor of Science degree in Business Administration and Accounting. He is a Certified Public Accountant, Certified Management Accountant and a Chartered Global Management Accountant. 

ABOUT SERVOTRONICS

The Company is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls 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, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications.

SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American

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SOURCE Servotronics, Inc.

FAQ

Who is the new Chief Financial Officer of Servotronics?

Robert Fraass has been appointed as the new Chief Financial Officer.

When will Robert Fraass start his role at Servotronics?

Robert Fraass will officially start on May 1, 2023.

Why did Lisa F. Bencel leave Servotronics?

Lisa F. Bencel is leaving to pursue other interests.

What experience does Robert Fraass have?

Robert Fraass has over 20 years of experience in financial roles, including Senior VP of Finance at Stark Technologies Group.

What impact might the appointment of Robert Fraass have on Servotronics?

His appointment could enhance financial strategies and support sustainable growth for the company.