PITTSBURGH, May 9, 2025 – Ampco-Pittsburgh Corporation (NYSE:AP), a manufacturer of specialized equipment including air and liquid processing with a market capitalization of $54.66 million, announced significant changes to its board of directors and compensation arrangements. The company’s stock has shown strong momentum, gaining over 15% in the past week and trading near its 52-week high of $2.79. The company disclosed in a recent SEC filing that directors Frederick D. DiSanto and Stephen E. Paul will depart from the board effective May 15, 2025. Neither departure is due to any disagreement with the company, as stated in the filing.
With DiSanto and Paul’s departure, the board will be resized from ten to eight members. Concurrently, shareholders approved amendments to the company’s 2016 Omnibus Incentive Plan, which is the primary vehicle for equity-based awards to directors, officers, and employees. The amendments, approved at the annual meeting held on May 8, 2025, include an increase of 500,000 shares available under the plan, which will be registered on Form S-8.
During the annual meeting, shareholders also ratified the appointment of BDO USA, P.C. as the independent registered public accounting firm for the fiscal year 2025 and conducted a non-binding advisory vote on executive compensation, which received majority support.
The changes come as part of Ampco-Pittsburgh’s broader corporate governance and compensation strategy, aiming to align the interests of its leadership with long-term shareholder value. The company’s SEC filing provides detailed voting results from the annual meeting on these matters.
This report is based on information from a recent SEC filing by Ampco-Pittsburgh Corporation.
In other recent news, Ampco-Pittsburgh Corporation reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.16, with consolidated net sales of $100.9 million, representing a 6.6% decline from the previous year. The Air and Liquid Processing segment showed robust performance with record sales, increasing by 11% year-over-year. The company is also exploring options for its UK operations due to financial losses, which could include restructuring or closure. Additionally, the U.S. Navy has provided funding for facility modernization, supporting the company’s strategic initiatives.
In other developments, Ardent Health Services announced the appointment of Robert A. DeMichiei to its board of directors. DeMichiei brings extensive experience in financial strategy and healthcare operations, having previously served as executive vice president and CFO at the University of Pittsburgh Medical (TASE:BLWV) Center. His appointment is considered a strategic move to enhance Ardent Health’s growth and operational excellence. These recent developments highlight key changes and strategic directions for both companies.
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