ESCO Technologies Inc. announced that Effective December 31, 2022, the Company's Chairman, Chief Executive Officer and President, Victor L. Richey, retired as Chief Executive Officer and President. Effective January 1, 2023 Mr. Richey, a current director, assumed the position of Executive Chairman of the Board of Directors. On January 1, 2023, Bryan H. Sayler succeeded to the offices of Chief Executive Officer and President of the Company.

Mr. Sayler has entered into an employment and compensation agreement with the Company on terms consistent with those described in the Company's Form 8-K filed September 12, 2022. Pursuant to the previous actions of the Company's Board of Directors and consistent with the disclosures made in Item 5.02 of the Company's Form 8-K filed September 12, 2022, effective January 1, 2023 the authorized size of the Company's Board of Directors was increased from eight to nine members, and Bryan H. Sayler became a Class I director of the Company filling the vacancy thereby created, to serve for a term ending at the 2024 annual meeting of shareholders. As stated above, effective January 1, 2023 Victor L. Richey, assumed the position of Executive Chairman of the Board.

James M. Stolze remains in his current position as Lead Director.