Triumph Group Jumps Most in 7 Years After Appointing New CEOby
Daniel Crowley, 52, has experience from Raytheon, Lockheed
Company searched for chief after April resignation of Frisby
Triumph Group Inc. rose the most in seven years after naming Daniel J. Crowley as chief executive officer, ending a search since April for a new leader for the aerospace parts producer.
Crowley, who was president of two Raytheon Co. business units and a former Lockheed Martin Corp. executive, was chosen after an “extensive search” by the board, Triumph said in a statement Tuesday. Crowley, 52, replaces Richard Ill, the founder of Triumph who came out of retirement to take over the company after Jeffry Frisby resigned in April.
“Mr. Crowley brings significant strategic and operational experience to Triumph in the aerospace and defense industry, amassed over a 32-year career,” the company said.
Investors cheered Frisby’s departure in April, driving up the shares 8.5 percent the day of the announcement. Analysts had said that Frisby was more of a dealmaker while the Berwyn, Pennsylvania-based company, best known for producing hulls for Boeing Co.’s 747 jumbo jets, needed a leader to focus on execution and transition to a new factory.
Triumph climbed 19 percent to $40.98 at the close in New York, the biggest one-day jump since October 2008. The gain trimmed this year’s decline to 39 percent.