Ducommun Announces Appointment of Stephen G. Oswald as President & CEO Effective January 23
January 05 2017 - 4:15PM
Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”)
today announced that Stephen G. Oswald, previously CEO of Capital
Safety and a senior executive at United Technologies Corporation,
will join the Company as Ducommun’s new president and chief
executive officer effective January 23, 2017. Anthony J. Reardon
will relinquish his current operational duties but continue as
executive chairman of Ducommun. Both Messrs. Reardon and Oswald
will be members of the Company’s board of directors.
“We are very excited to have Steve join Ducommun
later this month following his many years of achievement with an
impressive array of blue chip companies,” said Anthony J. Reardon,
chairman, president and chief executive officer. “The Board led an
extensive search to find an accomplished individual to assume the
leadership of Ducommun, and Steve is clearly the right person for
the job. With executive experience at organizations including
Capital Safety, UTC, Hoechst Celanese, and GE, his knowledge of
relevant industrial businesses will help him immediately contribute
to our financial results and long-term growth. Steve is a proven
leader who we are confident can leverage Ducommun’s capabilities
and deliver higher returns for our shareholders.”
Mr. Oswald added, “I am looking forward to
joining Ducommun and working with Tony and the team along with the
Board of Directors to deliver tremendous value to our aerospace and
defense customers. I believe the future is bright at Ducommun –
with a talented and experienced workforce, new technologies coming
online in 2017, and significant manufacturing capabilities that
differentiate us from the competition.”
Mr. Oswald has 30 years of industry experience
including executive positions at United Technologies (UTC), General
Electric (GE), and the Hoechst Celanese Corporation. Most recently
he was CEO of Capital Safety, a former Kohlberg, Kravis and Roberts
(KKR) portfolio company purchased in 2012 for $1.12 billion, where
he worked for over three years and successfully grew the company’s
revenue at a compounded annual rate of 10%, after which the
business was sold to 3M for $2.5 billion in 2015. At UTC he spent
15 years in various leadership roles, including president of the
Hamilton Sundstrand (HS) Industrial Division; he led this division
to over $1 billion in revenue and achieved strong EBITDA growth
during his tenure. Mr. Oswald also served as president of Sullair,
a subsidiary of the HS Industrial Division, and as director of
operations for Pratt & Whitney Power Systems, among other
leadership roles during his time at UTC. In these positions, Mr.
Oswald drove operational excellence across each organization –
reducing waste and increasing productivity – and implemented
initiatives to improve supply chain management, product
development, and customer service.
He holds an MBA from the University of Chicago
and a Masters in Industrial Engineering from the University of
Cincinnati. He is a graduate of New York University’s Tandon School
of Engineering with a B.S. in Industrial Engineering and is also a
graduate of the GE Manufacturing Management Program (MMP).
About Ducommun Incorporated
Ducommun Incorporated delivers innovative manufacturing solutions
to customers in the aerospace, defense and industrial markets.
Founded in 1849, the company specializes in two core areas –
Electronic Systems and Structural Systems – to produce complex
products and components for commercial aircraft platforms,
mission-critical military and space programs, and sophisticated
industrial applications. For more information, visit
www.ducommun.com.
Statements contained in this press release
regarding other than recitation of historical facts are
forward-looking statements. These statements are identified by
words such as “may,” “will,” “ begin,” “ look forward,” “expect,”
“believe,” “intend,” “anticipate,” “should”, “potential,”
“estimate,” “continue,” “momentum” and other words referring to
events to occur in the future. These statements reflect the
Company’s current view of future events and are based on its
assessment of, and are subject to, a variety of risks and
uncertainties beyond its control, including, but not limited to,
the state of the world financial, credit, commodities and stock
markets, and uncertainties regarding the Company, its businesses
and the industries in which it operates, which are described in the
Company’s filings with the Securities and Exchange Commission. The
Company is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
CONTACTS:
Douglas L. Groves, Vice President, Chief Financial Officer and Treasurer, 310.513.7200
Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com
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