Espey CEO resigns on New Years Eve



SARATOGA SPRINGS – Espey Mfg. & Electronics Corp., the Saratoga Springs company that manufactures electrical equipment primarily for the military, has a new CEO.

Patrick Enright Jr., who has served as CEO for the past seven years, resigned on New Years Eve.

Espey employs 150 people. Its stock trades under the symbol “ESP” on the NYSE American.

The board has appointed David O’Neil, the company’s chief financial officer, as the new CEO. O’Neil previously served as interim CEO and worked at Espey for more than two decades.

Katrina Sparano has been appointed Chief Financial Officer of Espey. She was also a long-time executive at Espey, who was previously the company’s senior accountant.

No reason was given for Enight’s departure, although the departure appeared friendly and known in advance by the board.

Paul Corr, Chairman of the Audit Committee of the Board of Directors of Espey, thanked Enright for his “dedicated service” to Espey during an extremely difficult time which included the COVID-19 pandemic and its impact on production lines and supply.

“We wish him the best in his future endeavors and appreciate Pat’s willingness to support the company and its new leadership during the transition period,” Corr said.

Corr also praised O’Neil, calling him the “ideal fit” for the CEO job.

“Dave did a great job as Interim Managing Director seven years ago, and with the business acumen he has acquired since then, the board is confident in his ability to do the job of permanently, ”Corr said.

Espey manufactures power supplies and transformers used by both military branches and industrial companies. The company has been improving its financial results since the start of the pandemic in early 2020.

Espey recorded $ 17 million in new orders during the company’s first fiscal quarter of 2022, which ended on September 31.

The company said in a press release last month that the strong order flow shows the company has been able to “stabilize” its operations during the pandemic.

Enright and O’Neil both saw their total compensation drop significantly in 2021 compared to 2020 due to the pandemic.

Enright’s compensation rose from $ 444,000 to $ 296,000, and O’Neil’s from $ 240,000 to $ 214,000, as the company eliminated its cash bonuses last year.

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