Realignment Will Meet Customers' Evolving Needs, Deliver Predictable Profitability and Support Long-Term Growth
BERWYN, Pa.--(BUSINESS WIRE)--Apr. 12, 2016-- Triumph Group, Inc. (NYSE: TGI)
today announced that the company is realigning into four business units to better meet the evolving needs of its customers. The new structure will enhance Triumph's customer focus and leverage the company's scale in support of delivering predictable profitability.
'Triumph's new structure better supports our go-to-market strategies and will allow us to more effectively satisfy the needs of our customers while continuing to deliver on our commitments,' said Daniel J. Crowley, Triumph's President and Chief Executive Officer. 'We are embarking on a new chapter for Triumph. The success of our transformation begins with the important step of aligning with our core markets and operating as One Triumph Team to leverage our scale and create efficiencies.'
Consolidating from six to four business units will reduce the number of operating companies and locations and will enhance accountability, eliminate redundancies and reduce costs. Triumph will now align its organizational structure, operations and financial reporting for fiscal year 2017.
The four business units are as follows:
Integrated Systems. Provides integrated solutions including design, development and support of proprietary components, subsystems and systems, as well as production of complex assemblies using external designs. Capabilities include hydraulic, mechanical and electro-mechanical actuation, power and control; complete suite of aerospace gearbox solutions including engine accessory gearboxes and helicopter transmissions; active and passive heat exchange technology; fuel pumps, fuel metering units and Full Authority Digital Electronic Control fuel systems; hydro-mechanical and electromechanical primary and secondary flight controls; and a broad spectrum of surface treatment options. Thomas Holzthum, formerly Corporate Vice President-Systems, has been appointed Executive Vice President, Integrated Systems.
Aerospace Structures. Supplies commercial, business and military manufacturers with large metallic and composite structures. Products include wings, wing boxes, fuselage panels, horizontal and vertical tails and sub-assemblies such as floor grids. Inclusive of the former Vought Aircraft Division, Aerospace Structures also has the capability to engineer detailed structural designs in metal and composites.
MaryLou Thomas, formerly Corporate Vice President-Composites, Structures & Interiors, has been appointed acting Executive Vice President, Aerospace Structures. Norman Jordan has resigned from his role as President of Triumph Aerostructures - Vought Aircraft Division (VAD), effective April 30, 2016, to pursue other interests. Mr. Jordan and Ms. Thomas will work together to ensure a seamless transition. Both internal and external candidates will be considered for the Aerospace Structures position.
Precision Components. Produces close-tolerance parts to customer designs and model-based definition, including a wide range of aluminum, hard metal and composite structure capabilities. Capabilities include complex machining, gear manufacturing, sheet metal fabrication, forming, advanced composite and interior structures, joining processes such as welding, autoclave bonding and conventional mechanical fasteners and a variety of special processes including super plastic titanium forming, aluminum and titanium chemical milling and surface treatments. Rick Rosenjack, formerly Corporate Vice President-Structures, has been appointed Executive Vice President, Precision Components.
Product Support. Provides full life cycle solutions for commercial, regional and militaryaircraft.Triumph's extensive product and service offerings include full post-delivery value chain services that simplify the MRO supply chain. Through its line maintenance, component MRO and postproduction supply chain activities, Triumph's Product Support group is positioned to provide integrated planeside repair solutions globally. Capabilities include fuel tank repair, metallic and composite aircraft structures, nacelles, thrust reversers, interiors, auxiliary power units and a wide variety of pneumatic, hydraulic, fuel and mechanical accessories. Michael Abram, formerly Corporate Vice President-Aftermarket Services Group, has been appointed Executive Vice President, Product Support.
In addition, Michael Perhay, Corporate Vice President-Systems & Fabrications, has retired after more than thirteen years of dedicated service to Triumph. The operating companies formerly in the Systems & Fabrications group have been aligned into the new organizational structure.
Mr. Crowley continued, 'To maximize the impact of our new structure, it is critical that we place our most talented leaders in positions that capitalize on their unique skill sets and industry experience. We are fortunate to have Tom, MaryLou, Rick and Mike to lead our realigned business units and ensure we continue to perform on our commitments. We are operating with a sense of urgency and remain focused on improving the company's performance and delivering predictable profitability.'
Also, to oversee Triumph's transformation efforts, the company has created the Transformation Delivery Office (TDO). The TDO will be responsible for driving the successful realization of the transformation plan and execution of the 'One Triumph' strategy and Triumph Operating System (TOS). The TDO will govern and drive the implementation of critical projects needed to achieve breakthrough value and attain full potential results.
Business Unit Leadership
Full biographies of the Executive Vice Presidents can be found on the company's website under 'About Triumph.'
Thomas Holzthum has served as Corporate Vice President-Systems since 2013 with responsibility for eight Triumph Group companies in the Aerospace Systems segment. He joined Triumph in 1998 with the acquisition of Frisby Aerospace, where he held the position of Group Director, Hydraulics. Mr. Holzthum previously served as President of Triumph Actuation Systems-Connecticut and more recently led the successful integration of the hydraulic actuation business of GE Aviation after its acquisition.
MaryLou Thomas has been part of Triumph's leadership for over 12 years. She has more than thirty years of experience in the aerospace and defense industry, including service at Lockheed, Boeing and Triumph Group. Ms. Thomas previously led Triumph's Composites, Structures and Interiors business area with operations in the United States, Mexico, Thailand and U.K.
Mr. Rosenjack previously served as Corporate Vice President-Structures responsible for the Triumph Structures' group of companies, having joined Triumph in October, 2014. Prior to joining the company, Mr. Rosenjack was Chief Operating Officer of HM Dunn AeroSystems, and Vice President and General Manager of Precision Castparts Corp (PCC) after the acquisition of Heroux Devtek Aerostructures in 2012. Before that, Mr. Rosenjack spent 20 years with Textron, Inc., including five years with Bell Helicopter where he was Senior Vice President of the Commercial Helicopter Business.
Since joining Triumph in 2003 as Vice President of Operations for Triumph Airborne Structures, Mr. Abram has served as Vice President of Triumph Aftermarket Services Group, North America and, most recently, Vice President-Aftermarket Services Group, where he was responsible for the company's maintenance, repair and overhaul (MRO) activities supporting commercial, regional, business and military aircraft worldwide. Before joining Triumph, he was Vice President of Operations for NORDAM Repair Division. Mr. Abram has extensive international business operations experience establishing start-up MRO facilities in Europe and Singapore.
The company will discuss this announcement during its fiscal fourth quarter and full year 2016 earnings call to be held on May 4, 2016.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerostructures, aircraft components, accessories, subassemblies and systems. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
More information about Triumph Group can be found on the company's website at http://www.triumphgroup.com
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Source: Triumph Group, Inc.
Triumph Group, Inc.
Sheila G. Spagnolo
Vice President - Tax & Investor Relations