INDIANAPOLIS, Aug. 30, 2017 /PRNewswire/ -- The board of
directors for Allison Transmission Holdings Inc. (NYSE: ALSN) today
announced that President and Chief Financial Officer David S. Graziosi will succeed Chief Executive
Officer Lawrence E. Dewey on
June 1, 2018.
"Larry is an exceptional leader who has successfully guided
Allison through several periods of significant change while
positioning it well for the future," said Thomas W. Rabaut, lead director of the board and
chairman of the Nominating and Corporate Governance Committee for
Allison. "Since joining Allison in 2007, Dave has demonstrated
excellent leadership skills, a clear understanding of Allison and
the ability to expand his role."
"I am honored to be selected to succeed Larry as Allison's next
CEO," said Graziosi. "As the longest-serving head of Allison in its
100 year-plus history, he established standards and performance
that separate the company from virtually any other industrial
enterprise. I believe Allison and its talented employees are
positioned to realize the opportunities that lie ahead, and
continue the heritage of leadership in the markets we serve and in
the communities where we live and work."
Graziosi, 51, joined Allison as executive vice president, CFO
and treasurer, in November 2007
shortly after the sale of Allison Transmission by General Motors to
The Carlyle Group and Onex Corporation, ultimately leading to an
IPO in March 2012. Graziosi was named
president in January 2016, and in
this current role oversees Operations, Purchasing and Supplier
Quality, Quality and Reliability, Legal, Corporate Affairs and
Communications, Internal Audit, Human Resources, Information
Systems and Services, and Financial activities. Graziosi began his
career in public accounting and has extensive experience in
multinational manufacturing businesses.
"Dave has been instrumental in all aspects of our financial
management from day one, and, as he has taken on the
responsibilities of President, he has led each of his functional
groups to successfully implement a variety of initiatives to
improve our business," said Dewey. "With Dave's very capable
leadership supported by the efforts of the accomplished Allison
team, I am excited about the future for Allison Transmission."
The board will consider both internal and external candidates to
assume Allison's CFO position and implement an appropriate
transition plan.
About Allison Transmission
Allison Transmission
(NYSE: ALSN) is the world's largest manufacturer of fully automatic
transmissions for medium- and heavy-duty commercial vehicles and is
a leader in hybrid-propulsion systems for city buses. Allison
transmissions are used in a variety of applications including
refuse, construction, fire, distribution, bus, motorhomes, defense
and energy. Founded in 1915, the company is headquartered in
Indianapolis, Indiana, USA and
employs approximately 2,600 people worldwide. With a market
presence in more than 80 countries, Allison has regional
headquarters in the Netherlands,
China and Brazil with manufacturing facilities in the
U.S., Hungary and India. Allison also has approximately 1,400
independent distributor and dealer locations worldwide. For more
information, visit allisontransmission.com.
Forward-Looking Statements
This press release contains
forward-looking statements. All statements other than statements of
historical fact contained in this press release are forward-looking
statements, including all statements regarding future financial
results. In some cases, you can identify forward-looking statements
by terminology such as "may," "will," "should," "expect," "plans,"
"project," "anticipate," "believe," "estimate," "predict,"
"intend," "forecast," "could," "potential," "continue" or the
negative of these terms or other similar terms or phrases.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks. Factors which may cause the
actual results to differ materially from those anticipated at the
time the forward-looking statements are made include, but are not
limited to: risks related to our substantial indebtedness;
uncertainty in the global regulatory and business environments in
which we operate; our participation in markets that are
competitive; the highly cyclical industries in which certain of our
end users operate; the failure of markets outside North America to increase adoption of
fully-automatic transmissions; the concentration of our net sales
in our top five customers and the loss of any one of these; future
reductions or changes in government subsidies for hybrid vehicles
and other external factors impacting demand; U.S. defense spending;
general economic and industry conditions; the discovery of defects
in our products, resulting in delays in new model launches, recall
campaigns and/or increased warranty costs and reduction in future
sales or damage to our brand and reputation; our ability to prepare
for, respond to and successfully achieve our objectives relating to
technological and market developments, competitive threats and
changing customer needs; risks associated with our international
operations; labor strikes, work stoppages or similar labor
disputes, which could significantly disrupt our operations or those
of our principal customers; our intention to pay dividends and
repurchase shares of our common stock and other risks and
uncertainties associated with our business described in our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Although we believe the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that the expectations will be
attained or that any deviation will not be material. All
information is as of the date of this press release, and we
undertake no obligation to update any forward-looking statement to
conform the statement to actual results or changes in
expectations.
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SOURCE Allison Transmission Holdings Inc.