ESCO Adds Two New Independent Board Members
ST. LOUIS, May 7, 2014 - ESCO Technologies Inc. (NYSE: ESE) (ESCO or the "Company") today announced that it has added two additional independent directors, Leon J. (Lee) Olivier and Robert J. (Bob) Phillippy, to the Company's Board of Directors effective May 5, 2014.
Mr. Olivier currently serves as Chief Operating Officer and Executive Vice President of Northeast Utilities (NYSE: NU), headquartered in Boston, Massachusetts. Northeast Utilities is a public utility company engaged in the energy delivery business and is involved in the generation, transmission and distribution of electricity, and the distribution of natural gas. It serves residential, commercial and industrial customers in Connecticut, Massachusetts and New Hampshire.
Mr. Olivier has over 40 years of utility industry experience and holds a Master of Business Administration degree from Northeastern University. He also served in the United States Navy from 1966 to 1969 working for the Navy's Special Forces Nuclear Submarine fleet. Mr. Olivier was selected to serve the Company as his electric utility transmission and distribution operational experiences will allow him to assist the board in guiding strategy from the highest level.
Mr. Phillippy currently serves as Chief Executive Officer, President and Director of Newport Corporation (NASDAQ: NEWP) headquartered in Irvine, California. Newport Corporation provides technology products and systems for scientific research, microelectronics, defense and security, life and health sciences and industrial markets worldwide.
Mr. Phillippy has nearly 30 years of related industry experience and holds a Master of Business Administration degree from Northwestern University - Kellogg School of Management. In addition, he holds a Bachelor of Science degree in Electrical Engineering from the University of Texas at Austin. Mr. Phillippy was selected to serve the Company as, along with his current CEO experience leading a public company, he brings extensive experience in mergers and acquisitions, as well as new product innovation and international business development.
The new directors were 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, "This is an exciting time for the company and we look forward to capitalizing on the experience and knowledge that our new board members bring to ESCO. I believe that Lee and Bob will be extremely valuable resources to assist us going forward and I'm convinced they will create additional opportunities to increase shareholder value."
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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