STOCK TITAN

Ducommun Appoints Daniel G. Korte and Daniel L. Boehle to its Board of Directors

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management

Ducommun (NYSE: DCO) has appointed Daniel G. Korte and Daniel L. Boehle as independent board members, effective November 5, 2024. Korte, former Global VP of Aerospace at PPG Industries, brings operational expertise with a track record of driving revenue growth. Boehle, current EVP and CFO of TTM Technologies, contributes 25+ years of financial experience in defense manufacturing. The appointments support the company's VISION 2027 Strategy and board refreshment process. Robert C. Ducommun and Dean M. Flatt will not seek reelection at the 2025 Annual Meeting due to mandatory retirement age policy. The board will temporarily include ten members until returning to eight after the 2025 Annual Meeting.

Ducommun (NYSE: DCO) ha nominato Daniel G. Korte e Daniel L. Boehle come membri indipendenti del consiglio, con effetto dal 5 novembre 2024. Korte, ex VP globale dell'Aeronautica presso PPG Industries, porta con sé una comprovata esperienza operativa e una carriera caratterizzata dalla crescita dei ricavi. Boehle, attuale EVP e CFO di TTM Technologies, contribuisce con oltre 25 anni di esperienza finanziaria nella produzione di difesa. Le nomine supportano la strategia VISION 2027 dell'azienda e il processo di rinnovamento del consiglio. Robert C. Ducommun e Dean M. Flatt non si ripresenteranno per la rielezione all'Assemblea Annuale del 2025 a causa della politica di età pensionabile obbligatoria. Il consiglio includerà temporaneamente dieci membri fino a tornare a otto dopo l'Assemblea Annuale del 2025.

Ducommun (NYSE: DCO) ha designado a Daniel G. Korte y Daniel L. Boehle como miembros independientes de la junta, con efecto a partir del 5 de noviembre de 2024. Korte, ex VP Global de Aeroespacial en PPG Industries, aporta experiencia operativa y un historial de impulso en el crecimiento de ingresos. Boehle, actual EVP y CFO de TTM Technologies, suma más de 25 años de experiencia financiera en la fabricación de defensa. Las designaciones respaldan la Estrategia VISION 2027 de la empresa y el proceso de renovación de la junta. Robert C. Ducommun y Dean M. Flatt no buscarán la reelección en la Junta Anual de 2025 debido a la política de edad de jubilación obligatoria. La junta incluirá temporalmente diez miembros hasta regresar a ocho después de la Junta Anual de 2025.

Ducommun (NYSE: DCO)은 Daniel G. KorteDaniel L. Boehle를 독립 이사로 임명했습니다. 임기는 2024년 11월 5일부터 시작됩니다. Korte는 PPG Industries의 항공 우주 부문 글로벌 부사장이었던 경력을 가지고 있으며, 수익 성장을 이끄는 운영 전문성을 보유하고 있습니다. Boehle는 현재 TTM Technologies의 EVP이자 CFO로, 방산 제조 분야에서 25년 이상의 재무 경험을 기여합니다. 이번 임명은 회사의 VISION 2027 전략과 이사회 갱신 과정을 지원합니다. Robert C. DucommunDean M. Flatt는 의무 은퇴 연령 정책으로 인해 2025년 연례 총회에서 재공천을 하지 않을 예정입니다. 이사회는 2025년 연례 총회 이후 8명으로 돌아갈 때까지 임시로 10명의 이사를 포함할 것입니다.

Ducommun (NYSE: DCO) a nommé Daniel G. Korte et Daniel L. Boehle en tant que membres indépendants du conseil d'administration, à compter du 5 novembre 2024. Korte, ancien vice-président mondial de l'aérospatiale chez PPG Industries, apporte une expertise opérationnelle avec un parcours de croissance des revenus. Boehle, actuel EVP et CFO de TTM Technologies, contribue avec plus de 25 ans d'expérience financière dans le secteur de la défense. Les nominations soutiennent la stratégie VISION 2027 de l'entreprise et le processus de renouvellement du conseil. Robert C. Ducommun et Dean M. Flatt ne chercheront pas à se représenter lors de l'Assemblée Annuelle de 2025 en raison de la politique de retraite obligatoire. Le conseil comptera temporairement dix membres avant de revenir à huit après l'Assemblée Annuelle de 2025.

Ducommun (NYSE: DCO) hat Daniel G. Korte und Daniel L. Boehle mit Wirkung zum 5. November 2024 zu unabhängigen Vorstandsmitgliedern ernannt. Korte, ehemaliger globaler VP für Luft- und Raumfahrt bei PPG Industries, bringt betriebliche Expertise mit einem nachweislichen Erfolg bei der Umsatzsteigerung mit. Boehle, aktueller EVP und CFO von TTM Technologies, hat über 25 Jahre Erfahrung im Finanzbereich in der Verteidigungsproduktion. Die Ernennungen unterstützen die Unternehmensstrategie VISION 2027 und den Erneuerungsprozess des Vorstands. Robert C. Ducommun und Dean M. Flatt werden sich aufgrund der verbindlichen Altersgrenze nicht zur Wiederwahl bei der Jahreshauptversammlung 2025 aufstellen. Der Vorstand wird vorübergehend zehn Mitglieder umfassen, bis er nach der Jahreshauptversammlung 2025 auf acht zurückkehrt.

Positive
  • Q3 2024 results show strong momentum towards VISION 2027 Strategy goals
  • Addition of experienced board members with proven track records in aerospace and defense
  • Strategic board refreshment process enhancing leadership expertise
Negative
  • None.

New Directors Provide Operational and Financial Expertise in the A&D Sector and Have Strong Track Records of Creating Value for Shareholders

The Ducommun Board Has Now Added 5 New Directors in the Past 4 Years

Q3 2024 Results Reaffirm Strong Momentum on Ducommun’s VISION 2027 Strategy

COSTA MESA, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”), a global supplier of value-added innovative electronic and structural products and manufacturing solutions for the aerospace and defense industry, announced today that in support of the Company's VISION 2027 Strategy and as part of its ongoing board refreshment process, Daniel G. Korte and Daniel L. Boehle have been appointed as independent members of the Company’s Board of Directors (the "Board"), effective November 5, 2024.

“We are thrilled that Dan Korte and Dan Boehle will be joining our Board of Directors,” said Stephen G. Oswald, Chairman, President and Chief Executive Officer. “Both have exceptional track records within the commercial aerospace and defense industries and bring valuable expertise to Ducommun’s Board as we continue to execute on our VISION 2027 Strategy. Our Q3 2024 results, which the Company also announced today, is a very positive statement that our VISION 2027 plans are working as we continue making significant progress in achieving our revenue and EBITDA margin growth targets.”

Mr. Korte is a seasoned aerospace and defense executive with demonstrated expertise in identifying and capitalizing on global market opportunities that drive revenue and profitable growth. Most recently, Mr. Korte served as Global Vice President of Aerospace at PPG Industries Inc (“PPG”). Under his leadership, the division saw double-digit revenue growth and increased profitability by driving sales and operational efficiencies. Prior to joining PPG, he served as Chief Executive Officer of LMI Aerospace, where he oversaw the Company’s eventual sale to the Sonaca Group and was the President of the Rolls-Royce Defense Group. From 1985 through 2009, Mr. Korte held various senior level roles at The Boeing Company in supply chain, program management and general management. He currently serves on the Board of Directors of Woodward, Inc., where he chairs the Human Capital & Compensation committee.

Mr. Boehle is a talented finance executive with 25+ years of experience working with defense manufacturing companies, including serving as the Chief Financial Officer at two leading public companies in the industry. Mr. Boehle currently serves as the Executive Vice President and Chief Financial Officer of TTM Technologies, Inc., a position that he has held since September 2023. Previously, Mr. Boehle served as Vice President and Chief Financial Officer for Aerojet Rocketdyne, Inc., where he drove profitable growth and was actively involved in financial aspects of the strategic analysis that resulted in Aerojet Rocketdyne’s $4.7bn sale to L3Harris. Before joining Aerojet Rocketdyne, Mr. Boehle served in various financial leadership roles across corporate accounting, financial reporting and financial planning and analysis at Northrop Grumman Corporation.

Mr. Korte commented: “I have followed Ducommun’s successful transformation in recent years as it sharpened its strategic focus and reshaped the portfolio towards higher growth and higher margin areas. Having worked in the aerospace and defense industry for decades, I know and respect Ducommun’s well-earned reputation as a leading supplier and I’m honored to join its Board of Directors. Together with the rest of the Board, I look forward to utilizing my operational experience developing and executing growth strategies to help drive Ducommun’s continued success.”

Mr. Boehle commented: “Ducommun is an industry leader with strong growth prospects, and I am excited to join the Board of a Company with such rich history and strong trajectory. I look forward to leveraging my experience as a CFO in the sector, in collaboration with the Board and management team, to help advance the Company’s VISION 2027 Strategy.”

These appointments are part of Ducommun’s Board refreshment program designed to help ensure that the Company’s Board has the best mix of skills and experience necessary to support Ducommun’s leadership team in driving VISION 2027 and shareholder value. The Corporate Governance and Nominating Committee conducted a thorough search with the assistance of a leading independent search firm, who evaluated over fifty potential candidates for each role. This process spanned several months and also reflects discussions and input from shareholders and culminated in Mr. Korte and Mr. Boehle being identified from among several highly qualified candidates.

Ducommun also announced that Robert C. Ducommun and Dean M. Flatt will not, per Ducommun’s mandatory director retirement age policy, stand for reelection at Ducommun’s 2025 Annual Meeting. Mr. Ducommun and Mr. Flatt both successfully oversaw the Company’s transition to a more focused Aerospace and Defense platform that involved the streamlining of the organization and the successful acquisition of five companies.

Mr. Oswald added, “We want to express our sincere thanks to Bob and Dean for their significant contributions and dedication to Ducommun during their tenure on the Board. We very much appreciate their service time and support, and they now leave the Board with the Company stronger than ever and on a great path for continued success”.

Ducommun’s Board and management team continue to focus on driving sustained shareholder value. The Board and management team have overseen a successful business transformation over the past seven years and are well positioned to continue delivering shareholder value through execution of the VISION 2027 Strategy.

The Board will include ten members until Ducommun’s 2025 Annual Meeting, following which it will be comprised again of eight directors.

About Ducommun Incorporated

Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the company specializes in two core areas – Electronic Systems and Structural Systems – to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit Ducommun.com

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the federal securities laws relating to Ducommun Incorporated, including statements about its VISION 2027 Strategy and similar expressions that concern Ducommun’s intentions or beliefs about future occurrences, expectations, or results. Forward looking statements are subject to risks, uncertainties and other factors that may change over time and may cause actual results to differ materially from those that are expected. It is very difficult to predict the effect of known factors, and Ducommun cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under “Risk Factors” in our reports filed with the Securities and Exchange Commission, including the Company’s Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K. The forward-looking statements included in this press release are made only as of the date of this press release, and Ducommun does not undertake any obligation to (and expressly disclaims any such obligation to) update the forward-looking statements to reflect subsequent events or circumstances.

CONTACTS:

Suman Mookerji, Senior Vice President, Chief Financial Officer, 657.335.3665


FAQ

Who are the new board members appointed to Ducommun (DCO)?

Daniel G. Korte, former Global VP of Aerospace at PPG Industries, and Daniel L. Boehle, current EVP and CFO of TTM Technologies, were appointed as independent board members effective November 5, 2024.

When will Robert C. Ducommun and Dean M. Flatt leave Ducommun's (DCO) board?

They will not stand for reelection at Ducommun's 2025 Annual Meeting due to the company's mandatory director retirement age policy.

How many directors will Ducommun (DCO) have after the 2025 Annual Meeting?

After the 2025 Annual Meeting, Ducommun's board will return to eight directors from the temporary ten-member composition.

What is the purpose of these new appointments to Ducommun's (DCO) board?

The appointments support Ducommun's VISION 2027 Strategy and are part of the board refreshment process to ensure the best mix of skills and experience for driving shareholder value.

Ducommun Incorporated

NYSE:DCO

DCO Rankings

DCO Latest News

DCO Stock Data

966.57M
12.83M
13.22%
80.05%
1.16%
Aerospace & Defense
Aircraft Parts & Auxiliary Equipment, Nec
Link
United States of America
COSTA MESA