Triumph Group, Inc. (TGI) Takes Off on Announcement of New CEO
Shares of Berwyn, Pennsylvania, based Triumph Group, Inc. (TGI) rose sharply on Tuesday, against the backrop of a strong day in stocks accross the board. Triumph's stock was up 19.06%, rising $6.56 per share, to close at $40.98, on volume of 3,047,246 shares. The company announced the appointment of it's new president and CEO, Daniel Crowley. The appointment will become effective on January 4.
Founded in 1933, Triumph Group, Inc., designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems.
On Tuesday afternoon Triumph Group announced that the company's board of directors had appointed Daniel Crowley as president, CEO and a director of the company. The appointment is effective on January 4. Crowley replaces Triumph founder Richard Ill, who came out of retirement to lead the company in April following the departure of Jeffry Frisby. After an extensive search, the board unanimously approved Crowley, which was viewed by the market as a highly positive development.
Daniel J. Crowley, 52, comes to Triumph from Raytheon Company, where he was President of Integrated Defense Systems since 2013. The division had annual revenues of over $6 billion. Crowley was also with Network Centric Systems from 2010 until 2013. He brings 32 years of industry experience that includes leadership in the development, production and deployment of some of the largest and most complex aerospace and defense products, including the P-3 and S-3 aircraft and the THAAD and Patriot defense missile defense systems, the F-35 Joint Strike Fighter and air traffic control systems.
Prior to Raytheon, Crowley also held a variety of leadership positions at Lockheed Martin, including President of their training and logistics business, Executive Vice President of the F-35 Joint Strike Fighter Program and Chief Operating Officer of Lockheed Martin Aeronautics. He was was responsible for the design, development and transition to initial production of three fighter variants and logistics system for the F-35 Joint Strike Fighter Program. He holds a bachelor’s degree in mechanical engineering and a master’s degree in manufacturing systems engineering from the University of Texas at Austin, as well as a master’s degree in management from Stanford University as a Sloan Fellow.
“On behalf of the Board, I am delighted to welcome Dan as Triumph’s new President and CEO," announced General Ralph “Ed” Eberhart, Non-Executive Chairman of the Board of Directors. "After careful and deliberate consideration of an extensive group of highly qualified candidates, the Search Committee recommended and the entire Board unanimously approved Dan to lead Triumph forward as CEO...We are confident that Dan’s strategic and operational expertise, and deep understanding of the aerospace and defense industry, make him well-qualified to drive Triumph’s growth, development and execution.”
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