Servotronics: Board Accepts Kenneth Trbovich's Resignation

(RTTNews) - Servotronics, Inc. (SVT) said Kenneth Trbovich has resigned as Chief Executive Officer and President and was removed as Chairman of the Board. This follows an internal investigation, authorized by the Board on June 8 when Trbovich was placed on administrative leave, one day after a then-employee filed a civil complaint making allegations regarding the executive's conduct. The company does not intend to renominate him for election to the Board at the annual meeting of shareholders.

Servotronics said the responsibilities of the CEO and President will continue to be carried out by other personnel, led by Chief Operating Officer James Takacs.