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, effective immediately.
"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 aircraft operators.
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.