- Push-out Score determined
- After 17 years in the position
- Praise for Howley
- Howley will remain as Executive Chairman at TransDigm
- Howley spoke at length and said 92 words
(exechange) — Cleveland, Ohio, April 30, 2018 — Nick Howley, chief executive of TransDigm, hands over the reins. It is an abrupt change. As announced by TransDigm Group Incorporated in a news release and in a regulatory filing published on Monday, April 30, 2018, W.Nicholas (Nick) Howley has left his post as Chief Executive Officer at the maker of aerospace components after 17 years in the position, effective April 26, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.8 years, according to data compiled by exechange. Only 19 percent of the CEOs who departed over the past 12 months left the position after more than 15 years.
Howley’s duties were taken over by Kevin M. Stein, most recently President and Chief Operating Officer of TransDigm Group Incorporated.
Howley’s sudden departure from the CEO post is explained as follows. Howley said: “We have been working toward this orderly transition for almost the last four years.”
Howley will remain as Executive Chairman at TransDigm
TransDigm Group announced that its Board of Directors has elected Kevin Stein as President and Chief Executive Officer and W. Nicholas (Nick) Howley as Executive Chairman.
Howley will primarily focus his efforts on matters relating to capital allocation, mergers and acquisitions, overall corporate strategy, investor interactions and leadership of the Board of Directors.
Share price rise since October 2009
The change follows a rise in the share price of TransDigm Group Incorporated since October 2009.
In the position of CEO since 2001
Howley, along with Doug Peacock, was one of the two founders of TransDigm.
Howley has been the CEO of TransDigm since 2001 and Chairman and CEO since 2003.
Previously, he was President of TransDigm.
On April 26, 2018, the Board of Directors of TransDigm Group Incorporated elected W. Nicholas Howley as Executive Chairman of the Company and Kevin Stein as President and Chief Executive Officer of the Company.
Prior to the election, Howley served as Chairman and Chief Executive Officer and Stein served as President and Chief Operating Officer.
Push-out Score determined
Read the full story in the exechange report 19.2018 ($).