TransDigm Group Incorporated (NYSE: TDG) has announced that its board of directors has elected Kevin Stein as President and Chief Executive Officer and W. Nicholas (Nick) Howley as Executive Chairman, the company said.
Stein will be responsible for all operational and financial matters of the company. His direct reports will include all operating Executive Vice Presidents as well as the Chief Financial Officer.
Howley will primarily focus his efforts on matters relating to capital allocation, mergers and acquisitions, overall corporate strategy, investor interactions and leadership of the board of directors.
As part of this organizational change, Stein and Howley have both modified and extended their employment agreements through 2024.
The company also has announced the appointment of Stein and Michele Santana to its board of directors.
Stein was elected to the Board in connection with his promotion to Chief Executive Officer.
Santana is Chief Financial Officer of Signet Jewelers (NYSE: SIG), a retail jeweler, a role in which she has served since 2014.
TransDigm Group, through its wholly owned subsidiaries, is a global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology.