The Eastern Company Will Nominate Peggy B. Scott to Join Its Board of Directors

NAUGATUCK, Conn.–(BUSINESS WIRE)–The Eastern Company (NASDAQ:EML) today announced that the Board of
Directors has decided to nominate Peggy B. Scott to join its Board of
Directors. Shareholders will have an opportunity to elect Ms. Scott at
Eastern’s annual meeting on May 1, 2019.

Mr. Mitarotonda, Chairman of the Board of Directors and Chairman of the
Nominating and Governance Committee said “After a thorough search
process, we are thrilled to nominate Peggy to our Board, and we will no
doubt benefit from her deep experience as CEO, Board Chair and Director
as well as her professional accounting and finance expertise.”

Ms. Scott is currently Chairperson of the Board of Cleco Corporate
Holdings LLC, an electric power company with assets of $7.0 billion,
headquartered in the Central Louisiana city of Pineville, and served as
its Interim CEO from February 2017 to December 2017. Previously, Ms.
Scott served as the Executive Vice President, Chief Operating Officer
and Chief Financial Officer of Blue Cross Blue Shield of Louisiana
(“BCBS”) and as Chief Strategy Officer. Prior to BCBS, Ms. Scott was an
office Managing Partner with Deloitte advising industrial companies and
held executive positions in United States and International companies
where she led transformations, growth strategies and operations in seven
foreign countries. Ms. Scott was named one of the ten Outstanding Young
Women of America, featured in the Wall Street Journal as National
Financial Executive of the year, and inducted into the American
Institute of CPAs’ Business & Industry Hall of Fame. Ms. Scott was the
first woman ever designated a managing partner of any Deloitte office
and is a Certified Public Accountant and certified in
Valuations/Forensics.

About The Eastern Company

The Eastern Company is 160-year old manufacturer of industrial hardware,
security products and metal castings. It operates 16 locations in the
United States, Canada, Mexico, Taiwan and China.

Safe Harbor for Forward-Looking Statements

Statements 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
“believes,” “intends”, “continues,” “reflects,” “plans,” “anticipates,”
“expects,” and similar expressions, should also be considered to be
forward-looking statements. Readers should not place undue reliance on
these forward-looking statements, which are based upon management’s
current beliefs and expectations. These forward-looking statements are
subject to risks and uncertainties, and actual results might differ
materially from those discussed in, or implied by, the forward-looking
statements. Among the risks and uncertainties that could cause actual
results or events to differ materially from those indicated by such
forward-looking statements include, but are not limited to changing
customer preferences, lack of success of new products, loss of customers
and increased prices for raw materials. There are important, additional
factors that could cause actual results or events to differ materially
from those indicated by such forward looking statements, including those
set forth in our reports and filings with the Securities and Exchange
Commission. We undertake no obligation to update, alter, or otherwise
revise any forward-looking statements, whether written or oral, that may
be made from time to time, whether as a result of new information,
future events, or otherwise.

Contacts

The Eastern Company
August Vlak or John L. Sullivan III,
203-729-2255

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