CHARLOTTE, N.C., Oct. 30, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation's (NYSE:CW) Executive Chairman Martin R. Benante today announced that he will retire from the Company effective January 1, 2015, completing a long legacy as only the eleventh leader in Curtiss-Wright's proud 85 year history.
"It has been a wonderful and rewarding journey over the past 37 years, allowing me to both contribute to and, since 2000, lead the advancement of one of America's oldest and highly respected diversified industrial companies," said Martin R. Benante, Executive Chairman of Curtiss-Wright Corporation. "Curtiss-Wright has made numerous ground-breaking technological achievements in the past 14 years, and I was able to establish long-standing personal relationships with our customers, the investment community, our board of Directors and especially our employees. I would like to thank each and every one of Curtiss-Wright's employees for their continued hard work and dedication, and I look forward to the continued advancement of the Company."
As part of the formal transition plan announced in 2013, Mr. Benante, 62, will continue as a member of the Board of Directors until the conclusion of the Company's next Annual Meeting in May 2015, at which time he will retire from the Board. Effective January 1, 2015, David C. Adams will assume the role of Chairman and Chief Executive Officer (CEO). We will continue to have an independent Lead Director preside over executive sessions of the Board.
Mr. Benante continued, "During the past year since he was named CEO, Dave Adams has performed admirably by re-igniting the business under the "One Curtiss-Wright" vision and by demonstrating immediate progress against the Company's new long-term objectives. He has clearly validated his readiness to take the reigns as Chairman, and the Board and I look forward to working closely with him on his transition to the new role. We have the utmost confidence that Dave will succeed in his future role as Chairman, and we wish him well as he leads the Company through the next phase of its evolution."
Mr. Adams said, "On behalf of the 10,000 global employees of Curtiss-Wright, I want to thank Marty for his dedication and commitment over his long and distinguished career. He has been an outstanding strategic leader of the organization through an unprecedented period of accelerated growth and expansion. He has driven significant shareholder value and I look forward to building on his successes and continuing the journey."
During Mr. Benante's tenure as CEO, Curtiss-Wright's annual sales grew at a compounded annual growth rate of 17% from $300 million to $2.5 billion; the Company acquired over 70 businesses broadening the product portfolio exponentially to include such new product and service areas as embedded computers, specialized coatings and advanced electronic sensors and controls. During his tenure, Curtiss-Wright technologies were extended into adjacent and global markets; the employee base grew four fold to over 10,000 globally; and the Company's market capitalization increased eight fold, creating over $2.5 billion in value for the Company's shareholders.
Prior to his election as Chairman and CEO in April 2000, Mr. Benante served in a variety of important leadership roles, including General Manager of the Company's former Flow Control Target Rock business unit, President of the former Flow Control segment, Vice President of the Company, and then as President and Chief Operating Officer.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 10,000 people worldwide. For more information, visit www.curtisswright.com.