ROCHESTER, N.H.--(BUSINESS WIRE)--Aug. 1, 2017--
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
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.
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Source: Albany International Corp.
Albany International Corp.