Albany International Announces CEO Succession Plan
02 August 2017 - 7:05AM
Business Wire
Albany International Corp. (NYSE:AIN) announced today that
President and CEO Joseph Morone has decided to retire in 2018. The
Company’s Board has instituted a CEO search to consider candidates
to succeed Dr. Morone, who will continue to serve as CEO until his
successor is in place. Dr. Morone has also agreed to remain on the
Board for an appropriate period of time to support the transition
and ensure an orderly handoff to his successor.
Dr. Morone said, “It’s been my honor to lead Albany as CEO for
the past 11 years, and to have served on the Board for the past 21
years. I will turn 65 next year and the Board and senior management
have been aware for some time of my desire to retire in 2018. I am
also committed to staying on for a transition period after our new
CEO is in place to ensure an orderly hand-off. I have great
confidence in a successful outcome to this process. This Company
and both businesses are in great shape, in the hands of strong
management teams, and well positioned for the future. I look upon
this transition with the same optimism and confidence in Albany’s
future as I have shared with our employees and investors during my
tenure, and will do my best to keep us focused, as always, on
execution – on safety, quality, delivery, cost and technology –
throughout this process.”
Chairman Erkie Kailbourne commented, “The entire Albany Board –
including Dr. Morone – has been laying the groundwork for a
successful transition for several years, and we share in his
confidence that the Company will enjoy an orderly, transparent
hand-off and succession, and will not miss a beat in the execution
of our strategy. We have retained executive search firm Russell
Reynolds Associates, Inc. to assist us in conducting a
comprehensive, global search, and all signs point to a very strong
slate of candidates. With Joe’s support throughout this process, we
are confident that we will achieve a smooth transition for the
benefit of all of our stakeholders: investors, employees,
customers, suppliers and local communities.”
This release may contain statements, estimates, or projections
that constitute “forward-looking statements” as defined under U.S.
federal securities laws. Generally, the words “believe,” “expect,”
“intend,” “estimate,” “anticipate,” “project,” “will,” “would,”
“should” and similar expressions identify forward-looking
statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and
uncertainties (including, without limitation, those set forth in
Albany’s most recent Annual Report on Form 10-K or Quarterly Report
on Form 10-Q) that could cause actual results to differ materially
from Albany’s historical experience and our present expectations or
projections.
About Albany International Corp.
Albany International is a global advanced textiles and materials
processing company, with two core businesses. Machine Clothing is
the world’s leading producer of custom-designed fabrics and belts
essential to production in the paper, nonwovens, and other process
industries. Albany Engineered Composites is a rapidly growing
supplier of highly engineered composite parts for the aerospace
industry. Albany International is headquartered in Rochester, New
Hampshire, operates 22 plants in 10 countries, employs 4,400 people
worldwide, and is listed on the New York Stock Exchange (Symbol
AIN). Additional information about the Company and its products and
services can be found at www.albint.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170801006418/en/
Albany International Corp.InvestorsJohn Cozzolino,
518-445-2281john.cozzolino@albint.comorMediaHeather Kralik,
801-505-7001heather.kralik@albint.com
Albany (NYSE:AIN)
Historical Stock Chart
From Apr 2024 to May 2024
Albany (NYSE:AIN)
Historical Stock Chart
From May 2023 to May 2024