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Espey announces executive changes and shareholder vote results

EditorLina Guerrero
Published 09/12/2024, 23:08
ESP
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Espey Mfg. & Electronics Corp. (NYSE American: ESP), a manufacturer of electronic components, announced significant changes to its executive team and the results of its recent Annual Meeting of Stockholders. The company disclosed these updates in a recent SEC 8-K filing.

Effective last Thursday, Ms. Peggy A. Murphy stepped down from her role as Corporate Secretary, a position she held since December 1998. Ms. Jennifer Pickering, who joined Espey as Chief Human Resources Officer in April 2024, was appointed to succeed Ms. Murphy. Ms. Pickering previously served as Assistant Corporate Secretary since June 2024. Her prior experience includes a tenure at GlobalFoundries (NASDAQ:GFS), where she held various senior HR roles.

During the Annual Meeting held on Thursday, shareholders elected Carl Helmetag and David O’Neil as Class A Directors for a three-year term. The election results were as follows: Carl Helmetag received 1,263,867 votes for and 315,408 withholds, while David O’Neil garnered 1,563,678 votes for and 15,598 withholds. There were 1,195,880 broker non-votes for both nominees.

Additionally, shareholders ratified the appointment of Freed Maxick CPAs, P.C. as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025. The proposal passed with 2,286,638 votes for, 8,682 against, and 46,181 abstentions, with 433,654 broker non-votes.

The corporate update, as reported in the SEC filing, reflects Espey's ongoing governance and oversight adjustments, which are part of the company's operational framework. The information provided is based on the press release statement from Espey Mfg. & Electronics Corp.

In other recent news, Espey Mfg. & Electronics Corp. has raised its quarterly dividend by 25%, declaring a payout of $0.25 per share. This marks a significant increase from the previous distribution.

The forthcoming dividend is set to be paid to shareholders recorded as of a recent date. This decision underlines recent developments within the company, possibly indicating an upswing in Espey's financial performance or a strategic move to distribute more income to its investors.

Espey's announcement was coupled with a standard reminder that forward-looking statements are subject to risks and uncertainties, which may cause actual results to vary from expectations, as per the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The dividend increase is a crucial piece of information for investors, as it may shed light on the company's profitability, financial health, and management's confidence in future cash flows.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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