Albany International Announces CEO Succession Plan

Rhea-AI Summary

Albany International Corp. (NYSE: AIN) announced that President and CEO Bill Higgins intends to retire. The Board of Directors has engaged Spencer Stuart for the search for Higgins' successor, who will ensure a smooth transition. Higgins will remain in his role until a successor is appointed. Higgins expressed pride in leading the company over the past three years, highlighting strong leadership and growth opportunities. Chairman Erkie Kailbourne reassured stakeholders of a well-prepared succession plan to maintain continuity.

Positive

• Strong leadership presence at all levels continues amid CEO transition.
• Higgins committed to ensuring a seamless handover to his successor.

Negative

• Retirement of a long-standing CEO may introduce uncertainty during the transition.

ROCHESTER, N.H.--(BUSINESS WIRE)-- Albany International Corp. (NYSE:AIN) announced today that President and CEO Bill Higgins has notified the company’s Board of Directors of his desire to retire. The Company’s Board of Directors has retained executive search firm Spencer Stuart to begin a search for Mr. Higgins’ successor. Mr. Higgins will continue in his role as CEO until his successor is in place.

“I am proud to have led Albany during the past three years. I will work hand-in-hand with the Board of Directors and continue to lead the management team to ensure continued success of Albany and a seamless handoff to my successor,” stated Mr. Higgins. “The company is in great hands, with strong leadership at all levels, as well as opportunities for continued growth and cash generation.”

Chairman Erkie Kailbourne added, “Albany’s Board, working closely with Bill, has been formulating a CEO succession plan and is confident of a successful and smooth transition for all our stakeholders.”

About Albany International Corp.

Albany International is a leading developer and manufacturer of engineered components, using advanced materials processing and automation capabilities, with two core businesses. Machine Clothing is the world’s leading producer of fabrics and process belts used in the manufacture of all grades of paper products. Albany Engineered Composites is a growing designer and manufacturer of advanced materials-based engineered components for jet engine and airframe applications, supporting both commercial and military platforms. Albany International is headquartered in Rochester, New Hampshire, operates 23 plants in 11 countries, employs approximately 4,200 people worldwide, and is listed on the New York Stock Exchange (Symbol AIN). Additional information about the Company and its products and services can be found at www.albint.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230313005789/en/

John Hobbs

603-330-5897

john.hobbs@albint.com

Source: Albany International Corp.

FAQ

What recent leadership change occurred at Albany International Corp. (AIN)?

Albany International Corp. announced that President and CEO Bill Higgins will retire, leading to a search for his successor.

Who is responsible for finding the new CEO for Albany International Corp. (AIN)?

The Board of Directors of Albany International has retained Spencer Stuart to conduct the search for a new CEO.

What did Bill Higgins say regarding his retirement from Albany International Corp. (AIN)?

Bill Higgins expressed pride in his tenure and commitment to a smooth transition for his successor.

When will Bill Higgins leave his position at Albany International Corp. (AIN)?

Bill Higgins will continue as CEO until a successor has been appointed.

What impact might the CEO transition have on Albany International Corp. (AIN)?

The retirement of a long-standing CEO may introduce some uncertainty, but leadership continuity has been emphasized.