AeroVironment Announces CFO Transition, Appoints Brian Shackley Interim CFO
September 25 2019 - 09:10AM
Business Wire
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in unmanned
aircraft systems for both defense and commercial applications,
today announced that senior vice president and chief financial
officer (CFO) Teresa Covington will resign to become CFO of a
private company, effective October 18, 2019. Brian Shackley,
AeroVironment vice president and controller, has been appointed
interim chief financial officer, effective October 18, 2019.
AeroVironment has initiated a search process to select a new
CFO.
“On behalf of the Board of Directors and management team, I
thank Teresa for her many contributions and her role in helping
deliver two consecutive years of profitable, double-digit revenue
growth for AeroVironment,” said president and chief executive
officer of AeroVironment Wahid Nawabi. "Teresa has been a trusted
member of our management team whose perspective we have valued
greatly, and we wish her all the best in her future endeavors.”
Mr. Nawabi continued, “We are at an important point in our
company’s evolution, with both a strong track record of results and
significant growth opportunities ahead. Our management team and
Board of Directors are confident that Brian Shackley’s deep
financial expertise and significant knowledge of AeroVironment make
him the right person to lead our Finance organization while we
conduct a rigorous search for a new CFO who can help us achieve our
long-term growth objectives.”
“It has been an honor to work alongside AeroVironment’s talented
team over the last eight years as CFO, and previously, as vice
president of Finance," said Ms. Covington. “The company is in a
strong financial position and I am confident in the leadership
team’s ability to continue successfully executing its strategy and
delivering value for shareholders.”
About Brian Shackley
Brian Shackley joined AeroVironment in January 2016 and has
served as vice president and corporate controller since December
2017. He previously served as the company’s director of SEC
reporting from January 2016 to December 2017. Mr. Shackley has 18
years of experience in various accounting and finance roles,
including approximately 9 years in public accounting at
PricewaterhouseCoopers, LLP in Los Angeles, California, where he
served as an audit senior manager. Mr. Shackley is a Certified
Public Accountant and received a Bachelor of Science degree in
Business Administration with an emphasis in Corporate Finance from
San Diego State University.
About AeroVironment, Inc.
AeroVironment (NASDAQ: AVAV) provides customers with more
actionable intelligence so they can proceed with certainty. Based
in California, AeroVironment is a global leader in unmanned
aircraft systems and tactical missile systems, and serves defense,
government, and commercial customers. For more information visit
www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of current expectations, forecasts and assumptions
that involve risks and uncertainties, including, but not limited
to, economic, competitive, governmental and technological factors
outside of our control, that may cause our business, strategy or
actual results to differ materially from those expressed or
implied. Factors that could cause actual results to differ
materially from the forward-looking statements include, but are not
limited to, our ability to perform under existing contracts and
obtain additional contracts; changes in the regulatory environment;
the activities of competitors; failure of the markets in which we
operate to grow; failure to expand into new markets; failure to
develop new products or integrate new technology with current
products; and general economic and business conditions in the
United States and elsewhere in the world. For a further list and
description of such risks and uncertainties, see the reports we
file with the Securities and Exchange Commission. We do not intend,
and undertake no obligation, to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190925005416/en/
AeroVironment, Inc. Steven Gitlin +1 (805) 520-8350 pr@avinc.com
Mark Boyer For AeroVironment, Inc. +1 (310) 229-5956
mark@boyersyndicate.com
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