Berwyn, Pennsylvania-based manufacturer AMETEK said its board of directors has approved a 10% increase in its quarterly cash dividend on common stock to $0.22 per share from $0.20 per share.

The dividend is payable on March 31 to shareholders of record as of March 10. This dividend increase will raise the indicated annual rate to $0.88 per share, AMETEK said.

The company also announced multiple changes in leadership, including the appointment of Dean Seavers as a new director of the company effective February 24. Seavers most recently worked as president and executive director for National Grid, a provider of electricity, natural gas and clean energy solutions.

AMETEK appointed Joseph Plante as vice president and general manager of AMETEK’s Instrumentation & Specialty Controls division (ISCD). Plante previously worked as division vice president and business unit manager for AMETEK Brookfield.

The company also appointed Sheraz Ahmed as vice president and general manager of the AMETEK Maintenance, Repair, and Overhaul (MRO) division.  He will be replacing Brian Hoffmann, who announced his intention to retire following his 17-year tenure with the company.

“I want to thank Brian for his dedication to AMETEK and his many important contributions,” said David A. Zapico, AMETEK chairman and CEO. “He has been vital to the success of our company and the growth of our MRO division. We wish Brian and his family all the best on his retirement.”