Business
The Eastern Company Announces The Restructuring Of The Chief Operating Officer Position
SHELTON, CT / ACCESSWIRE / March 24, 2023 / The Eastern Company (the "Company" or "Eastern") (NASDAQ:EML), an industrial manufacturer of unique engineered
About this update from Eastern Company (the)
[{"type":"text","content":"SHELTON, CT / ACCESSWIRE / March 24, 2023 / The Eastern Company (the \"Company\" or \"Eastern\") (NASDAQ:EML), an industrial manufacturer of unique engineered solutions serving commercial transportation, logistics, and other industrial markets, today announced that Mark Hernandez, Eastern's President and Chief Executive Officer (\"CEO\"), has moved forward with the restructuring of the Chief Operating Officer (\"COO\") position. Mr. Hernandez has eliminated the position of COO and will assume the duties which were previously the responsibility of James Woidke, COO. Mr. Woidke's last day with the Eastern Company will be on March 31, 2023.Mr. Hernandez said, \"I would like to thank Mr. Woidke for his efforts in helping to transform Eastern into the company it is today. We have decided to take on this restructuring to streamline reporting of the operations directly to the CEO. We expect this move to enhance our operating efficiency, cut costs, and intensify our focus on actions designed to return value to our shareholders.\"Mr. Hernandez's assumption of the Chief Operating Officer duties will be effective as of the close of business March 31, 2023.About The Eastern CompanyThe Eastern Company manages industrial businesses that design, manufacture and sell unique engineered solutions to markets. Eastern's businesses operate in industries that offer long-term macroeconomic growth opportunities. The Company operates from locations in the U.S., Canada, Mexico, U.K., Taiwan, and China. More information on the Company can be found at www.easterncompany.com.Safe Harbor for Forward-Looking StatementsStatements in this document about our future expectations, beliefs, goals, plans, or prospects constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and the rules, regulations, and releases of the Securities and Exchange Commission. Any statements that are not statements of historical fact, including statements containing the words \"would,\" \"should,\" \"may,\" \"will,\" \"believes,\" \"estimates,\" \"intends,\" \"continues,\" \"reflects,\" \"plans,\" \"anticipates,\" \"expects,\" \"potential,\" \"confident,\" \"look forward,\" \"opportunities\" and similar terms or variations of those terms or the negative of those terms, should also be considered to be f...