RBC Bearings Announces the Retirement of Alan B. Levine from the Board of Directors

Rhea-AI Summary

RBC Bearings Incorporated (NASDAQ: ROLL, ROLLP) announces the retirement of Mr. Alan B. Levine from its Board of Directors after 17 years of service. Chairman Dr. Michael J. Hartnett expressed gratitude for Levine's contributions and confirmed his ongoing advisory role for strategic projects. Following this change, Edward D. Stewart, who has been a director since 2013 and has extensive financial experience, will chair the Audit Committee. RBC Bearings specializes in high-precision bearings and components for industrial, aerospace, and defense sectors, headquartered in Oxford, Connecticut.

Positive

• Edward D. Stewart, with extensive financial experience, assuming the Chair of the Audit Committee may enhance governance and oversight.

Negative

• The retirement of a long-serving board member like Mr. Levine may raise concerns about continuity and leadership experience on the Board.

OXFORD, Conn.--(BUSINESS WIRE)-- RBC Bearings Incorporated (Nasdaq: ROLL, ROLLP), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today announced that Mr. Alan B. Levine has retired from the Board of Directors of RBC Bearings.

“I want to sincerely thank Alan for his many years of service to the Board and to the Company and wish him all the best in his future endeavors,” said Chairman, President and Chief Executive Officer, Dr. Michael J. Hartnett. Dr. Hartnett added, “I am pleased that Alan will continue to advise the Company on strategic projects and financial matters.”

Similarly, Vice President, Chief Operating Officer and Director Daniel A. Bergeron stated, “I want to thank Alan for his significant contributions to RBC over the last 17 years and wish him all the best.”

With Mr. Levine’s retirement, Edward D. Stewart is assuming the Chair of the Audit Committee. Mr. Stewart has been a Director of RBC Bearings since 2013. Mr. Stewart has extensive experience serving on other company boards and audit committees. In addition, Mr. Stewart has many years of financial and operational experience with General Electric Company including as Executive Vice President of GE Capital and Chief Financial Officer of a number of other GE businesses. Mr. Stewart’s extensive financial experience qualifies him as a “Financial Expert” for our Audit Committee.

About RBC Bearings

RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision and components. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace, and defense markets. The Company is headquartered in Oxford, Connecticut.

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RBC Bearings

Robert M. Sullivan

103-267-5014



Alpha IR Group

Michael Cummings

617-461-1101

Source: RBC Bearings Incorporated

FAQ

What prompted Alan B. Levine's retirement from RBC Bearings' Board?

Alan B. Levine has retired after 17 years of service to pursue other endeavors, although he will continue to advise the company.

Who is taking over the Audit Committee Chair at RBC Bearings?

Edward D. Stewart is assuming the Chair of the Audit Committee following Alan B. Levine's retirement.

What is the background of Edward D. Stewart at RBC Bearings?

Edward D. Stewart has been a director since 2013 and possesses extensive financial experience from his previous roles at General Electric.

How might the management changes affect RBC Bearings' future?

The changes could impact governance and strategic direction, with a focus on leveraging Stewart's financial expertise for better oversight.

What industries does RBC Bearings serve?

RBC Bearings manufactures precision bearings and components for the industrial, aerospace, and defense sectors.