Kaman Announces Board of Director Changes
Kaman Corporation (NYSE:KAMN) announced the retirement of Chairman Neal J. Keating during the 2021 Annual Meeting, following a transition plan. Keating, who served over 13 years, was instrumental in Kaman's growth, including strategic acquisitions and the sale of its former distribution business. Ian K. Walsh, President and CEO, has been appointed as the new Chairman. Additionally, Board members Karen Garrison and Tom Rabaut retired, with Jennifer Pollino becoming the Lead Independent Director. Keating expressed confidence in the company's future growth and leadership.
- Neal J. Keating's leadership during his 13 years helped solidify Kaman's position in aerospace, defense, and industrial markets.
- Ian K. Walsh's appointment as Chairman may provide continuity in leadership and strategy execution.
- Kaman's financial recovery from the COVID-19 pandemic is reportedly well underway.
- None.
(NYSE:KAMN) Kaman Corporation (the “Company”) announced today that Neal J. Keating, Chairman of the Board of Directors of Kaman, retired from the Board of Directors at the Company’s 2021 Annual Meeting of Stockholders on April 14, 2021, in accordance with the previously announced transition plan. Upon Mr. Keating’s retirement, the Board appointed Kaman President and Chief Executive Officer, Ian K. Walsh, as Chairman.
Neal Keating has served Kaman Corporation as the Chairman of the Board for over 13 years. During his time with the Company, Kaman has grown, evolved, and established itself as a leading manufacturer of engineered products serving aerospace & defense, industrial and medical end-markets. Mr. Keating has spearheaded both organic growth and acquisitions such as Bal Seal Engineering, which enhanced profitability and helped to solidify the foundation for future growth. Mr. Keating also led the Company through the sale of its former distribution business.
With Mr. Keating’s retirement, Ian K. Walsh will jointly serve as Chairman of the Board of Directors, President and Chief Executive Officer. Mr. Walsh has served as Kaman’s President and Chief Executive Officer since joining the Company on September 8, 2020.
Mr. Keating said, “Since first joining the Company in 2007, I have had a deep and ongoing commitment to the success of Kaman. I take great satisfaction in the Company’s evolution into a leading manufacturer of engineered products. Kaman has strong business momentum and its financial recovery from the impact of the COVID-19 pandemic is well underway with significant opportunities for growth ahead of it. Over the last several years, we’ve established a deep bench of experienced and talented leadership and an employee workforce that is second-to-none in my opinion. With Ian as Chairman and an exceptional leadership team in place who continue to develop and execute on Kaman’s growth initiatives, the Company will continue to benefit from a strong foundation. “
In addition to Mr. Keating’s retirement, Kaman also announced the retirement of two its long-standing Board members, Karen Garrison and Tom Rabaut who together have given a combined 28 years of service to Kaman. With the retirement of Ms. Garrison, Kaman also announced that Jennifer Pollino, who joined the board in 2015, will assume the role of Lead Independent Director.
Ms. Garrison has been a director since 2006 and most recently served as Lead Independent Director. She is a retired President of Pitney Bowes Business Services and served in that role from 1999 until her retirement in 2004. Ms. Garrison's experience demonstrates an extensive history of senior executive leadership and oversight roles, which provided operational insight with regard to acquisitions, human resources, information technology, and government contracting.
Mr. Rabaut has been a director since 2008. He currently serves as an Operating Executive at The Carlyle Group, a global private equity firm, where he has been working since January 2007. Mr. Rabauts professional experience provided the Board with additional perspectives on the aerospace industry, defense markets, international markets, and acquisitions from commercial, defense, market and sales standpoints.
Ian Walsh commented on the appointment of Ms. Pollino as Lead Independent Director and the retirement of Ms. Garrison and Mr. Rabaut, “I am thrilled and excited to be working with Jennifer in her role as Lead Independent Director going forward. Jennifer chaired the CEO succession process and I have gotten to know her well and worked closely with her these past months as Chair of our Compensation Committee. Both Tom and Karen have been tremendous assets to Kaman and wonderful advisors to me since I arrived. We thank them for their service and dedication to Kaman and wish them well.”
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX® manned and unmanned medium-to-heavy lift helicopters. More information is available at www.kaman.com.
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