ESCO Adds New Independent Board Member and Announces Retirement of James D. Woods from Board of Directors
ST. LOUIS, August 7, 2014 - ESCO Technologies Inc. (NYSE: ESE) (ESCO or the "Company") today announced that it has added Vinod M. Khilnani to the Company's Board of Directors.
In addition, ESCO announced the retirement of James D. (Jim) Woods from the Company's Board of Directors effective October 1, 2014. Mr. Woods has served on the Board since 2001 and currently is a member of ESCO's Audit & Finance Committee, and Chairman of its Human Resources and Compensation Committee.
Mr. Khilnani retired in 2013 as Executive Chairman of the Board of CTS Corporation (NYSE: CTS), headquartered in Elkhart, Indiana, after previously serving as its Chairman, Chief Executive Officer and President. CTS Corporation designs, manufacturers, and sells electronic components and sensors primarily to original equipment manufacturers worldwide.
Mr. Khilnani has over 35 years of related industry experience and holds a Master of Business Administration degree from the University of New York at Albany. In addition, he holds a Bachelor of Arts degree in Business Administration from Delhi University. Mr. Khilnani brings to ESCO his extensive experience in finance and accounting, mergers and acquisitions and international business development, and will serve on the Board's Audit and Finance Committee.
Mr. Khilnani was added to further enhance Corporate Governance and to facilitate board refreshment and director succession, as well as seeking new and relevant experience to supplement existing director oversight. The Board of Directors performed extensive diligence in its search, including utilizing a globally recognized executive search firm.
Vic Richey, Chairman and Chief Executive Officer, commented, "I'm very pleased to add Vinod to our already strong Board, as I believe his extensive knowledge, experience and leadership will be a valuable resource to assist us in executing our strategy and achieving our goal of increasing shareholder value.
"I would like to express my personal and heartfelt gratitude to Jim Woods for his leadership, guidance, counsel and support over his many years of service to ESCO. During his tenure, he made an enduring contribution to our legacy, and his thoughtful and strategic insight will be missed."
ESCO, headquartered in St. Louis, provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. In addition, the Company provides diagnostic instruments, services and the world's premier library of statistically significant apparatus test results for the benefit of energy generation, transmission, and delivery companies and industrial power users worldwide. Further information regarding ESCO and its subsidiaries is available on the Company's website at www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
Kate Lowrey, Director of Investor Relations, (314) 213-7277
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