January 2, 2014
Sevcon increases size of board
courtesy
Sevcon manufactures parts for electric vehicles, such as this electric truck, manufacturered by Chinese automaker AUCMA Electric Vehicle Co.
Southborough-based Sevcon Inc. has increased the size of its board of directors from nine to 12 members in response to a stockholder proposal.
The company, which makes drivetrain controls for electric and hybrid vehicles, said the three new directors were proposed by GAMCO Asset Management Inc., which controls more than 35 percent of Sevcon.
“We welcome the experience and perspectives these new directors bring to Sevcon and look forward to their contributions in maximizing value for shareholders,” William Ketelhut, Sevcon’s chairman, said in a statement.
Sevcon lost $1.1 million in fiscal year 2013, which ended Sept. 30, while revenue fell 9.3 percent from $35.6 to $32.2 million.
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