AeroVironment, Inc. Announces Chairman Succession Plan
May 11 2021 - 09:10AM
Business Wire
- Tim Conver to retire as chairman of the AeroVironment Board of
Directors, effective at the company’s 2021 annual meeting of
shareholders
- Wahid Nawabi, president and chief executive officer, elected
Chairman of the AeroVironment Board
AeroVironment, Inc. (NASDAQ: AVAV), a global leader in
intelligent, multi-domain robotic systems, today announced that its
Board of Directors has unanimously elected President and Chief
Executive Officer Wahid Nawabi to succeed Tim Conver as chairman
upon Mr. Conver’s planned retirement from the Board of Directors,
effective at the company’s 2021 annual meeting of shareholders. Mr.
Nawabi joined AeroVironment in 2011 and assumed the role of
president and chief executive officer in May 2016.
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AeroVironment Portfolio of Intelligent,
Multi-Domain Robotic Systems for Defense and Commercial markets
(Graphic: Business Wire)
Tim Conver has served as a member of the AeroVironment Board of
Directors since 1988 and assumed the role of president in 1991,
then chief executive officer in 1992. Mr. Conver was elected
chairman of AeroVironment’s Board of Directors in 2007, upon the
retirement of founder Dr. Paul MacCready, Jr. During his tenure,
Mr. Conver led AeroVironment’s transformation into a global leader
in unmanned aircraft systems (UAS), tactical missile systems (TMS)
and high-altitude, pseudo-satellites (HAPS), leading the company’s
initial public offering in 2007 and growing annual revenue from $10
million to $264 million in fiscal year 2016.
“As part of our commitment to strong corporate governance, the
AeroVironment Board of Directors maintains an ongoing and
deliberate process for managing succession,” said Arnold Fishman,
lead independent director. “Tim Conver has served AeroVironment as
a visionary leader and a disciplined Chairman of the Board whose
contributions have molded the company into the recognized leader in
our industry. Wahid’s track record of effective leadership and
demonstrated results as chief executive officer, which include
three consecutive years of profitable, double-digit revenue growth,
are fundamental to the Board’s decision to elect Wahid as the next
Chairman. We are excited to welcome Wahid to this new role as part
of our planned succession process.”
“On behalf of AeroVironment’s Board of Directors, I thank Tim
for his vision, determination and guidance,” said Wahid Nawabi.
“Tim helped cultivate a unique company culture focused both on
defining the future in our markets and allowing us to deliver
uniquely valuable solutions that help our customers and employees
Proceed with Certainty. Tim’s leadership and mentorship have
resulted in countless American and allied lives saved as a result
of our innovative UAS and TMS solutions.”
ABOUT AEROVIRONMENT, INC.
AeroVironment (NASDAQ: AVAV) provides technology solutions at
the intersection of robotics, sensors, software analytics and
connectivity that deliver more actionable intelligence so you can
Proceed with Certainty. Celebrating 50 years of innovation,
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/20210511005486/en/
Media: Makayla Thomas
AeroVironment, Inc. +1 (805) 520-8350 pr@avinc.com
Mark Boyer For AeroVironment, Inc. +1 (213) 247-4109
mark@boyersyndicate.com
Investors: Steven Gitlin +1
(805) 520-8350 ir@avinc.com
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