Anthony J. Reardon to Stay as Executive Chairman
LOS ANGELES, Jan. 05, 2017 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today announced that Stephen G. Oswald, previously CEO of Capital Safety and a senior executive at United Technologies Corporation, will join the Company as Ducommun’s new president and chief executive officer effective January 23, 2017. Anthony J. Reardon will relinquish his current operational duties but continue as executive chairman of Ducommun. Both Messrs. Reardon and Oswald will be members of the Company’s board of directors.
“We are very excited to have Steve join Ducommun later this month following his many years of achievement with an impressive array of blue chip companies,” said Anthony J. Reardon, chairman, president and chief executive officer. “The Board led an extensive search to find an accomplished individual to assume the leadership of Ducommun, and Steve is clearly the right person for the job. With executive experience at organizations including Capital Safety, UTC, Hoechst Celanese, and GE, his knowledge of relevant industrial businesses will help him immediately contribute to our financial results and long-term growth. Steve is a proven leader who we are confident can leverage Ducommun’s capabilities and deliver higher returns for our shareholders.”
Mr. Oswald added, “I am looking forward to joining Ducommun and working with Tony and the team along with the Board of Directors to deliver tremendous value to our aerospace and defense customers. I believe the future is bright at Ducommun – with a talented and experienced workforce, new technologies coming online in 2017, and significant manufacturing capabilities that differentiate us from the competition.”
Mr. Oswald has 30 years of industry experience including executive positions at United Technologies (UTC), General Electric (GE), and the Hoechst Celanese Corporation. Most recently he was CEO of Capital Safety, a former Kohlberg, Kravis and Roberts (KKR) portfolio company purchased in 2012 for $1.12 billion, where he worked for over three years and successfully grew the company’s revenue at a compounded annual rate of 10%, after which the business was sold to 3M for $2.5 billion in 2015. At UTC he spent 15 years in various leadership roles, including president of the Hamilton Sundstrand (HS) Industrial Division; he led this division to over $1 billion in revenue and achieved strong EBITDA growth during his tenure. Mr. Oswald also served as president of Sullair, a subsidiary of the HS Industrial Division, and as director of operations for Pratt & Whitney Power Systems, among other leadership roles during his time at UTC. In these positions, Mr. Oswald drove operational excellence across each organization – reducing waste and increasing productivity – and implemented initiatives to improve supply chain management, product development, and customer service.
He holds an MBA from the University of Chicago and a Masters in Industrial Engineering from the University of Cincinnati. He is a graduate of New York University’s Tandon School of Engineering with a B.S. in Industrial Engineering and is also a graduate of the GE Manufacturing Management Program (MMP).
About Ducommun Incorporated
Ducommun Incorporated delivers innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the company specializes in two core areas – Electronic Systems and Structural Systems – to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit www.ducommun.com.
Statements contained in this press release regarding other than recitation of historical facts are forward-looking statements. These statements are identified by words such as “may,” “will,” “ begin,” “ look forward,” “expect,” “believe,” “intend,” “anticipate,” “should”, “potential,” “estimate,” “continue,” “momentum” and other words referring to events to occur in the future. These statements reflect the Company’s current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including, but not limited to, the state of the world financial, credit, commodities and stock markets, and uncertainties regarding the Company, its businesses and the industries in which it operates, which are described in the Company’s filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Douglas L. Groves, Vice President, Chief Financial Officer and Treasurer, 310.513.7200
Chris Witty, Investor Relations, 646.438.9385, email@example.com