Names Richard Lavin as Lead Independent
Director, appoints four new independent directors and announces
retirement of four directors
Allison Transmission Holdings Inc. (NYSE: ALSN)
today announced that its Board of Directors has taken a range of
Board refreshment actions, including naming Richard P. Lavin to
succeed Thomas W. Rabaut as Lead Independent Director effective as
of the date of the 2023 annual meeting of stockholders.
Additionally, four new independent directors, Philip J. Christman,
Sasha Ostojic, Gustave F. Perna and Krishna Shivram, have been
appointed to the Board, effective immediately. Finally, four
directors, including Rabaut, will retire from the Board and not
stand for re-election at the 2023 annual meeting. These actions
will increase the size of the Board to fourteen directors until the
2023 annual meeting.
“The changes announced today reflect a deliberate process by the
Board to recruit new directors who will complement the overall mix
of skills, knowledge, experience and perspectives on the Board,”
said Dave Graziosi, Chairman and Chief Executive Officer at
Allison. “I am pleased that we have identified four outstanding
independent directors in Phil, Sasha, Gus and Krishna, who each
bring extensive experience in areas relevant to our business and
will be great assets to Allison as we continue to execute our
growth initiatives and prepare for the transition to zero-emission
vehicles.”
Allison also announced that four existing directors, Stan A.
Askren, Alvaro Garcia-Tunon, Chair of the Audit Committee, Thomas
W. Rabaut, outgoing Lead Independent Director and Chair of the
Nominating and Corporate Governance Committee, and Richard V.
Reynolds, prior Chair of the Compensation Committee, will serve out
their current terms but will not stand for re-election at the 2023
annual meeting.
Lead Independent Director Thomas Rabaut to Retire; Richard
Lavin Appointed New Lead Independent Director
Thomas W. Rabaut has informed the Board that he will not stand
for re-election at the 2023 annual meeting. Rabaut has served on
the Board for fifteen years and has served as the Lead Independent
Director and Chair of the Nominating and Corporate Governance
Committee since 2012. The Board has named Lavin to succeed Rabaut
as Lead Independent Director effective as of the 2023 annual
meeting. Rabaut will assist in the transition until his
retirement.
“Rich will step into the Lead Independent Director role with
ease given his board leadership experience and understanding of
Allison’s business and strategy,” said Tom Rabaut, retiring Lead
Independent Director. “I’m grateful to Rich for stepping into this
role and continuing Allison’s commitment to strong independent
Board leadership.”
“On behalf of the entire Board, I want to thank Tom for his many
contributions and the essential role he has played on the Board and
as Lead Independent Director,” Graziosi said. “Tom has been a
thoughtful, knowledgeable and dedicated Board member, advising
Allison’s management team through its early days as a stand-alone
company, followed by its initial public offering and onward to a
fully independent company executing on growth initiatives to drive
shareholder value. Through each transition, Allison has greatly
benefited from Tom’s insights and wide-ranging industry knowledge,
and I am grateful to him for his service.”
Appointment of Four Independent Directors
As part of its director succession and refreshment process, the
Board has appointed four new independent directors to fill the
Board positions that will be vacated by four retiring directors at
the 2023 annual meeting.
Philip J. Christman
The Board appointed Philip J. Christman, former President,
Operations of Navistar International Corporation, as an independent
director of the company, effective immediately. The Board also
appointed Christman to the Board’s Audit and Compensation
Committees.
“Phil has a long history in and extensive knowledge of the
commercial vehicle industry, and I couldn’t be more pleased to
welcome him to the Board,” Graziosi said. “Along with his deep
industry knowledge, Allison will benefit from his ability to
provide important customer-focused perspectives to our Board.”
Sasha Ostojic
The Board appointed Sasha Ostojic, Venture Partner at Playground
Global LLC, as an independent director of the company, effective
immediately. The Board also appointed Ostojic to the Board’s
Finance Committee.
“Sasha’s background in developing emerging technology in the
automotive and other industries and delivering them to market will
be of great value to our Board as Allison continues to evolve its
propulsion solutions portfolio to meet evolving end market needs,”
Graziosi said. “In addition, his venture capital and
entrepreneurial experience will provide valuable insight to our
Board as we continue to execute our growth initiatives.”
Gustave F. Perna
The Board appointed Gustave F. Perna, former retired General,
United States Army, as an independent director of the company,
effective immediately. The Board also appointed Perna to the
Board’s Audit Committee.
“Gus will bring valuable leadership, supply chain, logistics and
international affairs experience to our Board from his more than
forty years of service in the United States Army, including as
leader of Operation Warp Speed and Commander of Army Materiel
Command,” Graziosi said. “In addition, Gus’ deep knowledge of the
defense industry will provide our Board with relevant insight into
an important end market for Allison.”
Krishna Shivram
The Board appointed Krishna Shivram, former Chief Executive
Officer of Sentinel Energy Services, Inc., as an independent
director of the company, effective immediately. The Board also
appointed Shivram to the Board’s Audit and Finance Committees. Mr.
Shivram will succeed Alvaro Garcia-Tunon as Chair of the Audit
Committee effective as of the date of the 2023 annual meeting.
“Krishna’s experience as a Chief Financial Officer and
Treasurer, as well as in corporate finance and mergers and
acquisitions, bring important and valuable skills to our Board,”
Graziosi commented. “In addition, Krishna’s expertise in the energy
market will provide our Board with valuable knowledge of an
industry that impacts our global off-highway end markets.”
Three Additional Directors Retiring from Board at 2023 Annual
Meeting
In addition to Rabaut, Stan A. Askren, Alvaro Garcia-Tunon and
Richard V. Reynolds are retiring from the Board effective as of the
2023 annual meeting. Following the 2023 annual meeting, our Board
will return to ten members.
“On behalf of the entire Board, I would like to thank Stan,
Alvaro and Dick for their many years of committed service,” said
Graziosi. “Their leadership, guidance and expertise have played an
important role in Allison’s success.”
Biographies
Philip J. Christman
Christman recently retired as President, Operations of Navistar,
Inc., a leading manufacturer of commercial trucks, buses and
engines, a role he held from May 2017 until March 2022. In this
role, he was responsible for all Navistar operations encompassing
engineering, manufacturing, procurement and quality. He began his
career with Navistar in 1986 and held various management positions
of increasing responsibility in operations, engineering,
procurement and strategy. Christman has a Bachelor of Science
degree in Mechanical Engineering from Indiana Institute of
Technology and a Master of Business Administration from Ball State
University.
Sasha Ostojic
Ostojic is a Venture Partner at Playground Global LLC, a venture
capital firm specializing in early stage deep tech companies, a
role he has held since April 2019, and serves as Interim Senior
Vice President of Software at Zoox, Inc., a developer of autonomous
vehicles, a role he has held since November 2021. Prior to these
roles, he served as Senior Vice President of Engineering at Cruise
LLC, a self-driving car company, from October 2016 until November
2017 and as Vice President of Software for Nvidia Corporation, a
pioneer in accelerated and AI computing, from March 2011 until
October 2016. Ostojic has a Bachelor of Science degree in Computer
Science from San Francisco State University and a Master of
Business Administration from Santa Clara University.
Gustave F. Perna
General, United States Army (retired) Perna retired from the
United States Army in July 2021 as the Chief Operating Officer of
Operation Warp Speed, the Trump administration’s
multi-billion-dollar coronavirus vaccine and treatment effort, a
position he had held since May 2020. Prior to that, General Perna
served as Commanding General of United States Army Materiel
Command, which develops and delivers materiel readiness solutions
for the Army’s land force capabilities, from September 2016 to May
2020 and as Deputy Chief of Staff, G-4 of the Army, with
responsibility for oversight of the policies and procedures used by
all Army logisticians globally, from 2014 to September 2016. During
his 38 years of service in the United States Army, General Perna
held many other staff and command assignments, including Commander,
Joint Munitions Command and Joint Munitions and Lethality Lifecycle
Management Command, Commander, Defense Supply Center Philadelphia,
Commander, 64th Forward Support Battalion and Commander, 4th
Sustainment Brigade. General Perna holds an Associate Degree in
Business Administration from Valley Forge Military Academy and a
Bachelor Degree in Business Management from the University of
Maryland and was awarded a Master’s Degree in Logistics Management
from the Florida Institute of Technology.
Krishna Shivram
Shivram currently serves as Director of Ranger Energy Services
Inc. since August 2017 and of Superior Energy Services Inc. since
April 2021, both of which are oilfield service companies, as well
as Director of Sentinel Energy Services Inc., a special purpose
acquisition company, since November 2017. He also served as Chief
Executive Officer of Sentinel from November 2017 until December
2020. Prior to that, Shivram served as interim Chief Executive
Officer of Weatherford International plc from November 2016 to
March 2017 and Executive Vice President and Chief Financial Officer
of Weatherford International plc from November 2013 until November
2016. He has over 30 years of financial and operational management
experience in the oilfield industry and previously worked for
Schlumberger Ltd. in a variety of roles across the globe, including
as Vice President and Treasurer from January 2011 until November
2013. Shivram has a Bachelor of Science degree in Economics and
Commerce from Sydenham College in India and is a Chartered
Accountant.
About Allison Transmission
Allison Transmission (NYSE: ALSN) is a leading designer and
manufacturer of propulsion solutions for commercial and defense
vehicles and the largest global manufacturer of medium- and
heavy-duty fully automatic transmissions that Improve the Way the
World Works. Allison products are used in a wide variety of
applications, including on-highway trucks (distribution, refuse,
construction, fire and emergency), buses (school, transit and
coach), motorhomes, off-highway vehicles and equipment (energy,
mining and construction applications) and defense vehicles
(tactical wheeled and tracked). Founded in 1915, the company is
headquartered in Indianapolis, Indiana, USA. With a presence in
more than 150 countries, Allison has regional headquarters in the
Netherlands, China and Brazil, manufacturing facilities in the USA,
Hungary and India, as well as global engineering resources,
including electrification engineering centers in Indianapolis,
Indiana, Auburn Hills, Michigan and London in the United Kingdom.
Allison also has more than 1,400 independent distributor and dealer
locations worldwide. For more information, visit
allisontransmission.com.
Forward-Looking Statements
This press release contains forward-looking statements. The
words “believe,” “expect,” “anticipate,” “intend,” “estimate” and
other expressions that are predictions of or indicate future events
and trends and that do not relate to historical matters identify
forward-looking statements. You should not place undue reliance on
these forward-looking statements. Although forward-looking
statements reflect management’s good faith beliefs, reliance should
not be placed on forward-looking statements because they involve
known and unknown risks, uncertainties and other factors, which may
cause actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements speak only as of the date
the statements are made. We undertake no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events, changed circumstances or
otherwise. These forward-looking statements are subject to numerous
risks and uncertainties, including, but not limited to: increases
in cost, disruption of supply or shortage of labor, freight, raw
materials or components used to manufacture or transport our
products or those of our customers or suppliers, including as a
result of the war in Ukraine and the COVID-19 pandemic; global
economic conditions; the duration and spread of the COVID-19
pandemic, including new variants of the virus and the pace and
availability of vaccines and boosters, mitigating efforts deployed
by government agencies and the public at large, and the overall
impact from such outbreak on economic conditions, financial market
volatility and our business, including but not limited to the
operations of our manufacturing and other facilities, the
availability of labor, our supply chain, our distribution processes
and demand for our products and the corresponding impacts to our
net sales and cash flow; our participation in markets that are
competitive; our ability to prepare for, respond to and
successfully achieve our objectives relating to technological and
market developments, competitive threats and changing customer
needs, including with respect to electric hybrid and fully electric
commercial vehicles; the highly cyclical industries in which
certain of our end users operate; uncertainty in the global
regulatory and business environments in which we operate; the
concentration of our net sales in our top five customers and the
loss of any one of these; the failure of markets outside North
America to increase adoption of fully automatic transmissions; the
success of our research and development efforts, the outcome of
which is uncertain; U.S. and foreign defense spending; risks
associated with our international operations, including acts of war
and increased trade protectionism; general economic and industry
conditions; the discovery of defects in our products, resulting in
delays in new model launches, recall campaigns and/or increased
warranty costs and reduction in future sales or damage to our brand
and reputation; our ability to identify, consummate and effectively
integrate acquisitions and collaborations; labor strikes, work
stoppages or similar labor disputes, which could significantly
disrupt our operations or those of our principal customers or
suppliers; risks related to our indebtedness; and other risks and
uncertainties associated with our business described in our Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Although we
believe the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, we can give no
assurance that the expectations will be attained or that any
deviation will not be material. All information is as of the date
of this press release, and we undertake no obligation to update any
forward-looking statement to conform the statement to actual
results or changes in expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220809005162/en/
Raymond Posadas Managing Director, Investor Relations
ir@allisontransmission.com (317) 242-3078
Media Relations media@allisontransmission.com
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