Albany International Announces New CEO
February 05 2018 - 5:00PM
Business Wire
Albany International Corp. (NYSE:AIN) announced today its Board
of Directors has appointed Olivier Jarrault as President, Chief
Executive Officer and a member of the Board to succeed Joseph G.
Morone, effective March 2.
Mr. Jarrault, 56, is a 14-year veteran of Alcoa, where his
career culminated in his appointment in 2011 as Executive Vice
President and Group President of Alcoa Engineered Products and
Solutions (“EPS”), leading a portfolio of global
advanced-technology components manufacturing businesses serving a
number of markets, including aerospace, industrial gas turbines,
commercial transportation, and building and construction. At the
helm of EPS until 2016, Jarrault drove, through a combination of
organic growth and several acquisitions of high performance
materials companies, the transformation of the EPS value-add
portfolio into a global multi-material aerospace product and
solutions leader. Under Jarrault’s leadership, focused on growth,
disciplined execution and operational excellence, all of Alcoa’s
downstream businesses successfully increased their financial
performance. EPS aerospace customers include Safran, GE, United
Technologies, Boeing and Airbus. In his role as EVP and Group
President of EPS, Mr. Jarrault had extensive interactions with
Alcoa’s investors and Board of Directors.
Mr. Jarrault brings 26 years of aerospace and industrial
experience to Albany. Prior to being named Group President of EPS,
he served in a number of senior management positions at Alcoa -
including as Chief Operating Officer of EPS in 2010 and President
of Alcoa Fastening Systems from 2003 to 2009 - as well as at
Fairchild Fasteners and LISI Aerospace. Born in Lille, France, Mr.
Jarrault earned an MS in mechanical engineering from the California
Institute of Technology and an MBA from UCLA, and is a dual citizen
of the U.S. and France.
Erkie Kailbourne, Chairman of Albany’s Board of Directors, said,
"The Board of Directors is very pleased to welcome Olivier Jarrault
as our next President and CEO. Olivier’s experience leading a
portfolio of manufacturing businesses across a broad market
spectrum – including aerospace, industrial gas turbines, commercial
transportation and construction - and his demonstrated talent for
organizational leadership, make us confident of his ability to lead
Albany’s Machine Clothing and AEC businesses. And given his
particular experience in aerospace - addressing the same markets
and working with the same customers as Albany’s AEC business
segment - combined with his proven track record of leading a global
Tier 1 aerospace supplier through a period of significant growth,
both organically and through acquisition, he is the ideal person to
build upon what Joe Morone has already accomplished, and lead AEC
through its next stages of growth and maturity.”
Dr. Joseph G. Morone, Albany’s outgoing President and CEO,
added, "In a very short time, I have developed a deep respect for
Olivier. He is a strategist, but also hands-on. He is a
technology-driven, growth-oriented builder of businesses, but also
pays strict attention to financial discipline. He has extensive
experience with boards and investors, but stays close to
operations, and has extensive experience negotiating long-term,
high-value agreements with aerospace customers. In my opinion, he
is superbly qualified to lead Albany. I have no doubt that building
on Albany’s strengths in both businesses, he’ll take the Company to
an entirely new level of capability and performance."
Mr. Jarrault said, "I am privileged to have the opportunity to
lead Albany - a company with such a proud and compelling history,
with significant strengths and exceptional growth potential. I am
excited to engage with the customers, the entire Albany
organization and the Board, to continue and further expand the
efforts already underway to provide greater value to our customers,
and to deliver increased returns for our shareholders."
About Albany International Corp.
Albany International is a global advanced textiles and materials
processing company, with two core businesses. Machine Clothing is
the world’s leading producer of custom-designed fabrics and belts
essential to production in the paper, nonwovens, and other process
industries. Albany Engineered Composites is a rapidly growing
supplier of highly engineered composite parts for the aerospace
industry. Albany International is headquartered in Rochester, New
Hampshire, operates 22 plants in 10 countries, employs 4,400 people
worldwide, and is listed on the New York Stock Exchange (Symbol
AIN). Additional information about the Company and its products and
services can be found at www.albint.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20180205005970/en/
Albany International Corp.InvestorsJohn Cozzolino,
518-445-2281john.cozzolino@albint.comorMediaHeather Kralik,
801-505-7001heather.kralik@albint.com
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