CLEVELAND, April 30, 2018 /PRNewswire/ -- TransDigm
Group Incorporated (NYSE: TDG) (the "Company") announced today that
its Board of Directors has elected Kevin
Stein as President and Chief Executive Officer and W.
Nicholas (Nick) Howley as Executive
Chairman.
Mr. Stein will be responsible for all operational and financial
matters of the Company. His direct reports will include all
operating Executive Vice Presidents as well as the Chief Financial
Officer.
Mr. Howley will primarily focus his efforts on matters relating
to capital allocation, mergers and acquisitions, overall corporate
strategy, investor interactions and leadership of the Board of
Directors.
As part of this organizational change, Mr. Stein and Mr. Howley
have both modified and extended their employment agreements through
2024.
Mr. Stein joined TransDigm in 2014 as Chief Operating Officer of
the Power Group businesses. He has been the Company's
President and Chief Operating Officer since 2016. Prior to joining
TransDigm, he was employed at Precision Castparts Corporation as
Executive Vice President and President of the Fasteners and
Structural Castings businesses. Previous responsibilities
included President of the Cooper Bussman division of Cooper
Industries, as well as General Manager of Tyco Electronics Raychem
circuit protection business. Mr. Stein holds a Bachelor of
Science from Hobart College and a Masters degree and Ph.D. in
Inorganic Chemistry from Stanford
University.
Mr. Howley, along with Doug
Peacock, was one of the two founders of TransDigm. Mr.
Howley has been the CEO of TransDigm since 2001 and Chairman and
CEO since 2003. Previously, he was President of TransDigm.
Mr. Howley stated, "We have been working toward this orderly
transition for almost the last four years. Kevin and I have
worked well over this time as he learned our culture, implemented
our proven processes, and helped create significant value for our
shareholders. I look forward to continuing to assist him in his
efforts. The Board and I believe strongly that Kevin will do an
outstanding job as CEO. I am pleased that he and I can continue to
work together to execute our consistent strategy and create long
term intrinsic value for our shareholders."
Mr. Stein said, "I am excited for the opportunity to lead
TransDigm going forward as its next President and Chief Executive
Officer. I am humbled by the trust and confidence the Board
of Directors and Mr. Howley have shown in this decision.
TransDigm has an outstanding team around the globe and I am honored
to be part of such a focused and successful aerospace
company. We look forward to continuing the exceptional value
generating strategy that has been the hallmark of this organization
since the beginning when Nick Howley
and Doug Peacock founded
TransDigm."
Appointment of New Board Members
The Company also announced today the appointment of Mr. Stein
and Michele Santana to its Board of
Directors.
Mr. Stein was elected to the Board in connection with his
promotion to Chief Executive Officer.
Ms. Santana is Chief Financial Officer of Signet Jewelers (NYSE:
SIG), a retail jeweler, a role in which she has served since
2014. Prior to that Ms. Santana was Senior Vice President and
Controller of Signet. Ms. Santana was deemed to be valuable to
the Board because of her status and experience as a current chief
financial officer of a large public company. Ms. Santana is a
certified public accountant and was determined to be an audit
committee financial expert by the Board.
Mr. Howley stated, "We are pleased that Michele has agreed to
become a member of our Board. We think it's important for the Board
to include a current public company chief financial officer and
Michele's particular financing and investor relations experience
will make her a valuable contributor. We are also pleased to be
taking important steps towards diversity on our Board of
Directors."
The Board of Directors has determined that Ms. Santana is
independent under applicable listing standards of the New York
Stock Exchange and the rules and regulations of the Securities
Exchange Commission. Ms. Santana has been appointed to the
Company's Audit Committee and Nominating and Corporate Governance
Committee.
About TransDigm
TransDigm Group Incorporated, through its wholly-owned
subsidiaries, is a leading global designer, producer and supplier
of highly engineered aircraft components for use on nearly all
commercial and military aircraft in service today. Major product
offerings, substantially all of which are ultimately provided to
end-users in the aerospace industry, include
mechanical/electro-mechanical actuators and controls, ignition
systems and engine technology, specialized pumps and valves, power
conditioning devices, specialized AC/DC electric motors and
generators, NiCad batteries and chargers, engineered latching and
locking devices, rods and locking devices, engineered connectors
and elastomers, cockpit security components and systems,
specialized cockpit displays, aircraft audio systems, specialized
lavatory components, seatbelts and safety restraints, engineered
interior surfaces and related components, lighting and control
technology, military personnel parachutes, high performance hoists,
winches and lifting devices, and cargo loading, handling and
delivery systems.
Contact:
|
Liza Sabol
|
|
Investor
Relations
|
|
(216)
706-2945
|
|
ir@transdigm.com
|
View original
content:http://www.prnewswire.com/news-releases/transdigm-announces-kevin-stein-as-president-and-ceo-and-w-nicholas-howley-as-executive-chairman-appointment-of-new-board-members-300639302.html
SOURCE TransDigm Group Incorporated