Woodward President and Chief Executive Officer Thomas A. Gendron Announces Retirement
April 21 2022 - 9:15AM
Woodward, Inc. (NASDAQ: WWD) announced today that, after more than
31 years with the Company and 17 years as Chief Executive Officer,
Thomas (“Tom”) A. Gendron has expressed his intention to retire
from the Company. He will retire from his role as Chairman of the
Board, Chief Executive Officer and President effective May 9, 2022.
“Tom has provided strong, focused leadership through his
stewardship of Woodward over more than three decades. The Company
has grown considerably and established itself as a trusted partner
and market leader in its strategic arenas,” said John Cohn,
Woodward’s Lead Director. “On behalf of the Board, we want to thank
Tom for his years of dedicated leadership of Woodward and for
driving substantial shareholder returns over his tenure. We wish
Tom and his wife Traci all the best in this next chapter of their
life.”
“I have always believed that my greatest responsibility as
Chairman and CEO is to manage Woodward for the challenges of today
while positioning the Company and its members for long-term growth
and success,” said Thomas A. Gendron, Woodward’s current Chairman
and Chief Executive Officer. “It has been an honor and a privilege
to lead this special Company and its talented members. I am
confident in the Board’s choice of Chip as my successor, and I look
forward to working with him over the coming months to ensure
continuity during this transition period.”
Woodward’s Board of Directors (the “Board”) also announced today
that it has appointed Mr. Charles (“Chip”) Blankenship, Jr. as
Chief Executive Officer and President of the Company effective May
9, 2022. Mr. Blankenship has also been appointed to the Board as
its new Chairman, effective also on May 9, 2022. At the Board’s
request, Mr. Gendron has committed to remain a director, officer
and employee of the Company through July 11, 2022 in order to
ensure a seamless and effective transition, while allowing the
executive management team to maintain its focus on executing the
Company’s strategic priorities.
“In line with the Board’s longstanding succession planning
process, the Board identified Chip as the right choice for the
Company’s future. Today’s announcement is the result of what was an
ongoing, deliberate and extensive evaluation to choose the
Company’s next CEO. We are pleased to have such a strong leader
with extensive knowledge of Woodward’s customers and markets to
guide the Company forward,” concluded Mr. Cohn.
Mr. Blankenship is an accomplished business leader with
extensive experience in the aerospace and industrial equipment
markets. Mr. Blankenship’s prior leadership roles before joining
Woodward include the CEO of Arconic, an aerospace advanced alloys
and components company, a 24-year career at GE where he held
significant leadership roles in Aviation, Energy, and Appliances,
including the CEO of Appliances, Vice President and General Manager
Commercial Aircraft Engines, and General Manager Aero Energy
(aero-derivative industrial turbines). Most recently, Mr.
Blankenship served as the Montgomery Distinguished Professor of
Practice at The University of Virginia’s School of Engineering and
Applied Sciences. Mr. Blankenship holds a PhD in Material Science
and Engineering from The University of Virginia and a bachelor’s
degree from Virginia Polytechnic Institute and State
University.
“I am excited to take on my new role at Woodward, a proud
company with over 150 years of excellence serving the aerospace and
industrial equipment markets,” commented Charles Blankenship, Jr.,
Woodward’s incoming Chairman, President and Chief Executive
Officer. “I look forward to leading this exceptional team, serving
our customers and delivering results for our shareholders.”
About Woodward, Inc.
Woodward is the global leader in the design, manufacturing, and
service of energy conversion and control solutions for the
aerospace and industrial equipment markets. Together with our
customers, we are enabling the path to a cleaner, decarbonized
world. Our innovative fluid, combustion, electrical, propulsion and
motion control systems perform in some of the world’s harshest
environments. Woodward is a global company headquartered in Fort
Collins, Colorado, USA. Visit our website at www.woodward.com.
Notice Regarding Forward-Looking Statements
The statements in this release contain forward-looking
statements that involve risks and uncertainties, including the
anticipated retirement of Mr. Gendron as Chairman, Chief Executive
Officer and President of Woodward, and the anticipated effective
dates of his retirement from such positions, the continuity of
leadership during this transition period, our ability to ensure a
seamless and effective leadership transition as Mr. Blankenship
assumes the role of Chairman, Chief Executive Officer and
President, the ability of the executive management team to maintain
its focus on executing the Company’s strategic priorities during
the transition, and the extent to which the Company will serve its
customers and deliver results for its shareholders. Actual results
could differ materially from projections or any other
forward-looking statements and we have no obligation to update our
forward-looking statements. Factors that could affect performance
and could cause actual results to differ materially from
projections and forward-looking statements are described in
Woodward's Annual Report and Form 10-K for the year ended September
30, 2021 and any subsequently filed Quarterly Report on Form
10-Q.
CONTACT: |
Dan
Provaznik |
|
Director Investor Relations |
|
970-498-3849 |
|
Dan.Provaznik@Woodward.com |
Woodward (NASDAQ:WWD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Woodward (NASDAQ:WWD)
Historical Stock Chart
From Sep 2023 to Sep 2024