Wabtec Board Members, Lee Foster and Michael Howell, Announce Retirements

Rhea-AI Summary

Wabtec Corporation (NYSE: WAB) announced the retirement of Directors Lee Foster and Michael Howell on May 18, 2022, upon reaching the Board's retirement age. The Chairman, Al Neupaver, praised their contributions during a period of significant growth, noting they added substantial value for shareholders. CEO Rafael Santana emphasized their expertise in global business management. Wabtec is actively seeking new Board members through an external search firm to support its continued evolution and commitment to innovation in the rail industry.

Positive

• Retirement of directors opens opportunities for new leadership perspectives.
• Management expressed gratitude for the retiring directors' contributions, reflecting strong corporate governance.

Negative

• Potential continuity concerns from the retirement of directors with considerable expertise.
• Gaps in experience may arise during the transition period as new directors are recruited.

PITTSBURGH--(BUSINESS WIRE)-- Wabtec Corporation’s (NYSE: WAB) Board of Directors today announced the retirement of Directors Lee Foster and Michael Howell upon reaching the Board’s retirement age. The retirements were effective May 18, 2022.

“The Board and management team are extremely grateful to Lee and Michael for their service and leadership during a time of tremendous growth for the company,” said Al Neupaver, Chairman of Wabtec. “It has been a privilege working with them. Their contributions have delivered significant value for our shareholders, customers, and employees.”

“Lee and Michael brought tremendous expertise to the Board having led complex global businesses focused on growth, profitability, and technical innovation,” said Rafael Santana, President and CEO of Wabtec. “We are grateful for their contributions to further strengthen Wabtec’s leadership across the rail sector."

As a technology leader for the rail and transit industries for over 150 years, Wabtec is committed to enhancing its Board to further reflect the company’s forward progress and values. Wabtec is working with an outside Board search firm to identify and recruit candidates to meet the needs of the company as it continues to evolve.

About Wabtec Corporation

Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220531005060/en/

Wabtec Investor Contact

Kristine Kubacki, CFA / Kristine.Kubacki@wabtec.com / 412-450-2033

Wabtec Media Contact

Deia Campanelli / Deia.Campanelli@wabtec.com / 773-297-0482

Source: Wabtec Corporation

FAQ

What prompted the retirement of Wabtec's directors Lee Foster and Michael Howell?

Lee Foster and Michael Howell retired upon reaching the Board's retirement age as of May 18, 2022.

How did Wabtec's management respond to the retirement of its directors?

Management expressed gratitude for their service and leadership during a period of significant growth.

What steps is Wabtec taking following the directors' retirement?

Wabtec is working with an outside Board search firm to recruit new candidates for the Board.

What impact might the retirement of Wabtec’s directors have on the company?

The retirement may create gaps in expertise and continuity but also presents opportunities for new leadership.