NAUGATUCK, Conn. -- (Business Wire)
The Eastern Company (NASDAQ:EML) today announced that it will not expand
its Board of Directors to six members and will retain a five member
board. It will not appoint any new directors without shareholder
approval.
Mr. Leganza Chairman, President and Chief Executive Officer commented,
“Earlier this year, the Company had announced its intention to expand
the size of the Board from five to six directors immediately after the
2015 Annual Meeting and to appoint James H. Ozanne to fill that new
director position. However, after discussions with several of our
shareholders and their objection to the appointment of any director
without shareholder approval the Company has rescinded that intended
appointment.”
Further, Mr. Leganza stated, “The Company has heard and listened to the
criticisms voiced by our shareholders regarding our corporate governance
practices and will be committed to updating all areas of governance to
the best practices.”
Finally, Mr. Leganza commented, “The Company and the Board are pleased
to be working with its newly elected Directors James A. Mitarotonda and
Michael A. McManus, Jr. towards improving our corporate governance
practices and pursuing our strategic objectives.”
About the Company
The Eastern Company is a 157-year-old manufacturer of industrial
hardware, security products and metal castings. It operates from 12
locations in the U.S., Canada, Mexico, Taiwan and China. The diversity
of the Company’s products helps it to respond to the changing
requirements of a broad array of markets. More information on the
Company can be found at www.easterncompany.com.
Safe Harbor for Forward-Looking Statements
Statements in this document regarding the 2015 Annual Meeting of
Shareholders and any other statements about the Company’s future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Any statements that are not statements of
historical fact (including statements containing the words “believes,”
“plans,” “anticipates,” “expects,” “estimates” and similar expressions)
should also be considered to be forward-looking statements. There are a
number of important factors that could cause actual results or events to
differ materially from those indicated by such forward-looking
statements, including those set forth in the Company’s reports and
filings with the Securities and Exchange Commission. The Company is not
obligated to update or revise any forward-looking statements as a result
of developments occurring after the date of this document.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150529005780/en/
Contacts:
The Eastern Company
Leonard F. Leganza or John
L. Sullivan III, 203-729-2255
Source: The Eastern Company
© 2024 Canjex Publishing Ltd. All rights reserved.