8-KLeadership ChangesOther Events

CURTISS WRIGHT CORP 8-K Report, Executive Changes (May 1, 2014)

Filed May 1, 2014For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K on May 1, 2014, reporting two key events. Firstly, Glenn Coleman resigned from his positions as Vice President, Controller, and Principal Accounting Officer, citing a move to pursue another opportunity and stating no disagreements with the company. This is a standard executive transition that investors should monitor for any further implications. Secondly, and more significantly for investors, the company announced a revision of its reportable segments for 2014, realigning them to better reflect its major markets: Commercial/Industrial, Defense, and Energy. To provide transparency, CW is releasing supplemental historical financial data for these new segments for prior quarterly periods and the full year 2013. This reclassification does not impact previously reported consolidated financials but allows for a more granular view of performance across key business areas, which is crucial for understanding future growth drivers and potential risks.

Key Highlights

  • 1Glenn Coleman resigned as Vice President, Controller, and Principal Accounting Officer, effective May 1, 2014.
  • 2Mr. Coleman's resignation was voluntary and not due to any disagreements with the company.
  • 3Curtiss-Wright revised its reportable segments to align with its major markets: Commercial/Industrial, Defense, and Energy.
  • 4The company is providing supplemental historical financial data by the new reportable segments for prior quarters and FY 2013.
  • 5The segment reclassification aims to provide a clearer view of performance across key markets.
  • 6The change in reportable segments did not affect previously reported consolidated financial statements.

Frequently Asked Questions

The change in reportable segments allows investors to gain a more detailed understanding of the performance and revenue drivers within Curtiss-Wright's key markets: Commercial/Industrial, Defense, and Energy. This improved transparency can aid in evaluating the company's strategic focus and growth prospects.

No, the company explicitly stated that the change in reportable segments did not impact its previously reported Condensed Consolidated Financial Statements. The reclassification is for reporting and analytical purposes to better align with current market structures.

Glenn Coleman resigned to pursue another opportunity. The filing notes that his decision was not due to any disagreements with the company or concerns regarding its operations, policies, or practices, indicating a standard executive transition.

The company indicated that this supplemental financial information for the revised reportable segments will be available on the investor relations section of Curtiss-Wright's website.