BERWYN, Pa., Nov. 18, 2020 /PRNewswire/ -- Triumph Group
[NYSE:TGI] ("Triumph" or the "Company") today announced that
President and Chief Executive Officer Daniel J. Crowley has entered into a new
employment agreement with the Company for five years, through
November 17, 2025, continuing the
role he has held since January 2016.
"We are grateful for Dan's decision to continue his leadership
of the Company," said Barbara
Humpton, Chair of Triumph's Compensation and Management
Development Committee. "The continuity of his leadership is
incredibly important as the Company continues its transformation
and positions itself for the future."
The Company also today announced that its Board of Directors has
unanimously elected Mr. Crowley as Board Chair, effective
immediately. Mr. Crowley succeeds General Ralph "Ed" Eberhart, who
has served as a director since June
2010 and as non-executive Chairman of the Board since
April 2015. Gen. Eberhart will remain
on the Board and will assume the role of Lead Independent Director,
"Dan has demonstrated exceptional leadership of Triumph and
spearheaded the execution of our multiyear transformation plan,
which stabilized performance, focused our portfolio and better
positioned Triumph to win," said General Larry O. Spencer, Chair of Triumph's Nominating
and Corporate Governance Committee. "The Board believes Dan's
proven leadership capabilities, strategic and operational
expertise, and deep understanding of the aerospace and defense
industry make him well-qualified to lead Triumph in the added role
of Board Chair."
Gen. Spencer continued, "I am confident that Ed will continue to
uphold our legacy of strong governance and meaningful shareholder
engagement in his new role as Lead Independent Director. Together
with Dan, Ed and the rest of the Board, we will deliver on our
commitment to drive shareholder value."
"I am honored by the confidence the Board has placed in me,"
said Mr. Crowley. "I look forward to continuing to work with the
Board, our strong leadership team and our dedicated team members to
fully realize the benefits of our transformation efforts as we
become a premier design, manufacturing and support company."
Mr. Crowley continued, "General Eberhart has brought valuable
industry and government perspectives to the Board, and we are glad
Triumph will continue to benefit from his insights in his new role
as Lead Independent Director. I've had the honor to learn from Ed
in his capacity as Chair, and together with the rest of our active,
highly engaged committee chairs and Board of Directors, we will
continue our pivotal work underway."
The Triumph Group Board of Directors comprises nine directors,
eight of whom are independent and five of whom have been added to
the Board since 2018.
The employment agreement between Mr. Crowley and the Company
will be filed as an exhibit to a Form 8-K filing with the U.S.
Securities and Exchange Commission.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers,
manufactures, repairs and overhauls a broad portfolio of aerospace
and defense systems, components and structures. The company serves
the global aviation industry, including original equipment
manufacturers and the full spectrum of military and commercial
More information about Triumph can be found on the company's
website at www.triumphgroup.com.
Forward Looking Statements
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995, including statements of
expectations about the Company's operations and transformation in
the future. All forward-looking statements involve risks and
uncertainties which could affect the Company's actual results and
could cause its actual results to differ materially from those
expressed in any forward-looking statements made by, or on behalf
of, the Company. Further information regarding the important
factors that could cause actual results to differ from projected
results can be found in Triumph Group's reports filed with the SEC,
including our Annual Report on Form 10-K for the fiscal year ended
March 31, 2020.
Widespread health developments, including the recent global
coronavirus (COVID-19), and the responses thereto (such as
voluntary and in some cases, mandatory quarantines as well as shut
downs and other restrictions on travel and commercial, social and
other activities) could adversely and materially affect, among
other things, the economic and financial markets and labor
resources of the countries in which we operate, our manufacturing
and supply chain operations, commercial operations and sales force,
administrative personnel, third-party service providers, business
partners and customers and the demand for our products, which could
result in a material adverse effect on our business, financial
conditions and results of operations.
SOURCE Triumph Group