Esterline Names Aerospace Industry Veteran Curtis Reusser to Succeed Brad
Lawrence as President and CEO
Reusser Is President, United Technologies' Aircraft Systems Business;
Lawrence to Guide Leadership Transition as Executive Chairman
BELLEVUE, WA -- (Marketwired) -- 09/12/13 -- Esterline Corporation
(NYSE: ESL) (www.esterline.com), a leading specialty manufacturer
serving global aerospace and defense markets, today announced that
Curtis Reusser, President of United Technologies' multi-billion
dollar Aircraft Systems business, will succeed Brad Lawrence as
Esterline's President and Chief Executive Officer, and be elected to
its Board of Directors effective October 28, 2013. Lawrence will
continue as Esterline's Executive Chairman of the Board until the
Company's March 5, 2014 annual meeting.
Lawrence said Reusser's 30 years of broad aerospace and defense
industry experience "...make him the ideal choice to lead Esterline
into the future. I'm delighted Curtis will be joining Esterline and
look forward to working with him as we move through what I'm
confident will be a seamless transition."
Reusser remarked, "I am very excited and honored to have this
opportunity to lead Esterline, a company I have known and admired for
many years. The Company has built a winning combination of great
businesses, talented people, and a high-performance culture. The
future holds great potential for Esterline to grow and to create
significant value for our customers, investors, employees, and the
communities within which we work around the globe. I am particularly
pleased to have Brad's support and guidance during the transition."
Related to today's announcement, the Company also announced that it
would postpone its 2013 Analyst & Investor Day, previously scheduled
for September 19, 2013, to give Reusser the opportunity to review and
contribute to the company's long-term strategic planning and
operational development. The Company plans to re-schedule the analyst
meeting in calendar-year 2014.
Reusser's position at United Technologies (UTC) was created following
the company's acquisition of Goodrich Corporation. His
responsibilities at UTC included full operational and financial
leadership for seven strategic business units employing 14,000 people
and generating revenues in excess of $7 billion. During his tenure he
was instrumental in winning a number of significant new long-term
programs, and driving financial and operational performance by
reducing SG&A and leveraging supply chain, manufacturing, and
engineering synergies between the combined Goodrich and UTC
Prior to UTC, Reusser was at Goodrich as President, Electronic
Systems Segment, a $2.6 billion business with 7,800 employees and
operations in seven countries, consisting of three business units:
Sensors & Integrated Systems; Engine Controls & Electric Power
Systems; and Intelligence, Surveillance and Reconnaissance Systems.
While there, he developed and executed several strategic acquisitions
and established joint-venture partnerships that generated significant
improvement in segment-level profitability. In previous years with
Goodrich, he held various positions of increasing responsibility,
including President, Aerostructures. That division nearly doubled its
sales over the five years of his leadership and became widely
recognized for world-class application of lean.
Prior to his long tenure at Goodrich, Reusser had an early career as
an engineer with General Dynamics. Reusser holds a degree in
industrial engineering from the University of Washington.
Esterline Corporation is a leading worldwide
supplier to the aerospace and defense industry specializing in three
core business segments: Advanced Materials; Avionics & Controls; and
Sensors & Systems. With annual sales of approximately $2 billion,
Esterline employs roughly 12,000 people worldwide and is
headquartered in Bellevue, Wash.
Operations within the Advanced Materials segment focus on
technologies including high-temperature-resistant materials and
components used for a wide range of military and commercial aerospace
purposes, and combustible ordnance and electronic warfare
Operations within the Avionics & Controls segment focus on technology
interface systems for commercial and military aircraft and similar
devices for land- and sea-based military vehicles, cockpit
integration systems, secure communications systems, specialized
medical equipment, and other high-end industrial and gaming
The Sensors & Systems segment includes operations that produce
high-precision temperature and pressure sensors, specialized
harsh-environment connectors, electrical power distribution
equipment, and other related systems principally for aerospace and
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements relate to future events or our future financial
performance. In some cases, you can identify forward-looking
statements by terminology such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "might,"
"plan," "potential," "predict," "should" or "will," or the negative
of such terms, or other comparable terminology. These forward-looking
statements are only predictions based on the current intent and
expectations of the management of Esterline, are not guarantees of
future performance or actions, and involve risks and uncertainties
that are difficult to predict and may cause Esterline's or its
industry's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
Esterline's actual results and the timing and outcome of events may
differ materially from those expressed in or implied by the
forward-looking statements due to risks detailed in Esterline's
public filings with the Securities and Exchange Commission including
its most recent Annual Report on Form 10-K.
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