The board of directors of Espey Mfg. & Electronics Corp. announced that by mutual agreement with the board of directors, Mark St. Pierre has resigned as President, Chief Executive Officer and a director of the company. This resignation will be effective on June 27, 2014. The company also announced that David O'Neil, currently Chief Financial Officer, has been appointed as Interim President and Chief Executive Officer, and that Katrina Sparano, currently Assistant Treasurer and Principal Accounting Officer, has been appointed as Interim Principal Financial Officer. Mr. St. Pierre has served as the company's President since 2009 and as President and Chief Executive Officer since 2010.

The company also announced a regular quarterly dividend of $0.25 per share for the fourth quarter of fiscal year ending June 30, 2014. The dividend will be payable on June 27, 2014, to all shareholders of record on June 16, 2014.