Allison Transmission Holdings Inc. has announced recent changes to its Board of Directors.
Alvaro Garcia-Tunon has been appointed to its Board of Directors, effective immediately, following Marsha Mishler's decision to step down as a director.
Garcia-Tunon will serve as a Class II director with a term expiring at the 2017 Annual Meeting of Stockholders and will also serve as a member of the Board's Audit Committee.
Garcia-Tunon served as Chief Financial Officer of Wabtec Corporation, a leading supplier of technology-based products and services for rail, transit and other global industries, from March 2003 until his retirement from the Company in 2013.
"We are pleased to welcome Alvaro as a new member of our Board of Directors," commented Lawrence E. Dewey, Chairman of the Board of Directors. "Consistent with our ongoing efforts to review and strengthen the composition of our Board, the Board's Nominating and Corporate Governance Committee conducted a thorough process with recommendations from multiple sources, including stockholders and an independent executive search firm. Alvaro is an exceptional addition to our Board and his financial and capital allocation expertise, experience as a public company director and business perspectives will be of great value to Allison."
Commenting on Ledford and Mishler changes, Dewey added: "Greg has served as a distinguished member of our Board for the past nine years and has provided exceptional leadership and valuable insights that contributed to Allison's growth and success. We also appreciate Marsha's contributions to the Board and her insights, particularly those relating to the dynamics in the Off-Highway energy end markets. We are grateful to both Greg and Marsha for their service and commitment to Allison and wish them all the best as we facilitate an orderly transition and add a different set of skills and background to the Board."
Additionally, Gregory Ledford will retire from the Allison Board when his current term expires at the 2016 Annual Meeting of Stockholders.
The Board's Nominating and Corporate Governance Committee, with the assistance of a leading executive search firm, has initiated a search to identify a new independent director candidate with industrial operational expertise and executive experience to succeed Ledford.
Edited from press release by Harleigh Hobbs
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