8-KLeadership Changes

CURTISS WRIGHT CORP 8-K Report, Executive Changes (Feb 27, 2020)

Filed February 27, 2020For Securities:CW

Summary

Curtiss-Wright Corporation (CW) announced a significant leadership change via an 8-K filing on February 27, 2020. Effective March 1, 2020, Vice President and Chief Operating Officer Thomas P. Quinly will begin an approximately 12-month personal leave of absence. This departure, while temporary, necessitates a restructuring of operational leadership in the interim. During Mr. Quinly's absence, his substantial responsibilities will be managed by two existing senior executives: Lynn Bamford, President of the Defense and Power Segments, and Kevin Rayment, President of the Commercial/Industrial Segment. Both executives will assume these additional duties while continuing in their current roles, indicating a collaborative approach to maintaining operational continuity. Importantly, Mr. Quinly will not receive compensation during his leave but will retain certain benefits, suggesting a continued relationship with the company.

Key Highlights

  • 1Thomas P. Quinly, VP & COO, taking a 12-month personal leave of absence effective March 1, 2020.
  • 2Lynn Bamford (President, Defense & Power Segments) and Kevin Rayment (President, Commercial/Industrial Segment) to jointly assume COO responsibilities.
  • 3Bamford and Rayment will continue in their current leadership roles while managing COO duties.
  • 4Mr. Quinly will not receive any compensation during his leave.
  • 5Mr. Quinly will retain certain company benefits during his leave of absence.
  • 6This change is expected to ensure operational continuity during Mr. Quinly's temporary absence.

Frequently Asked Questions

Thomas P. Quinly is taking a personal leave of absence for approximately 12 months, effective March 1, 2020.

Lynn Bamford, President of the Defense and Power Segments, and Kevin Rayment, President of the Commercial/Industrial Segment, will jointly assume Mr. Quinly's responsibilities. They will continue in their existing roles.

No, Mr. Quinly will not receive any compensation during his personal leave of absence. However, he will retain certain benefits from the Corporation.

The filing states this is a personal leave of absence for approximately 12 months. The company has appointed interim leadership from existing senior executives, suggesting a focus on maintaining operational continuity rather than signaling any permanent change or underlying issues.