Ducommun Announces Chief Financial Officer Succession
October 05 2015 - 7:00AM
Business Wire
Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”)
today announced a planned succession of the Company’s financial
leadership. Joseph P. Bellino, 65, vice president, chief financial
officer and treasurer, has decided to retire effective December 31,
2015. As part of its long-range succession plan, the Company
announced that Douglas L. Groves, 53, currently vice president,
controller and chief accounting officer, will succeed Mr. Bellino
on January 1, 2016.
“Joe has been an integral, dedicated member of our executive
team over the past seven years – actively supporting two successful
acquisitions, leading three debt refinancing projects, and
enhancing our investor relations activities,” said Anthony J.
Reardon, chairman and chief executive officer. “In addition, Joe’s
commitment to organizational development in the financial and IT
areas, and his leadership in the financial succession plan, leave
the Company well positioned for future success. We wish Joe the
very best.
“We expect the upcoming transition to be a seamless one, as Doug
has taken on greater financial responsibilities this year as well
as been involved with our investor relations initiatives. We are
pleased to have a person of Doug’s acumen and intellect on board,
and his breadth and depth of experience will enhance our
performance improvement plans and ensure a continued focus on a
strong balance sheet going forward.”
Mr. Groves joined Ducommun in January 2013 as vice president of
accounting and moved into the vice president, controller and chief
accounting officer role later that year. He has more than 25 years
of management experience in finance, accounting, audit, and
information technology across several industrial companies, most
recently at Beckman Coulter, Inc., where he served as corporate
vice president and chief information officer. Mr. Groves has an MBA
from the University of Southern California and a bachelor’s degree
from California State University at Long Beach.
About Ducommun Incorporated
Founded in 1849, Ducommun Incorporated provides engineering and
manufacturing services to the aerospace, defense, and other
industries through a wide spectrum of electronic and structural
applications. The company is an established supplier of critical
components and assemblies for commercial aircraft and military and
space vehicles as well as for the energy market, medical field, and
industrial automation. It operates through two primary business
units – Ducommun AeroStructures (DAS) and Ducommun LaBarge
Technologies (DLT). Additional information can be found at
www.ducommun.com.
Statements contained in this press release regarding other than
recitation of historical facts are forward-looking statements.
These statements are identified by words such as “may,” “will,”
“begin,” “look forward,” “expect,” “believe,” “intend,”
“anticipate,” “should,” “potential,” “estimate,” “continue,”
“momentum” and other words referring to events to occur in the
future. These statements reflect the Company’s current view of
future events and are based on its assessment of, and are subject
to, a variety of risks and uncertainties beyond its control,
including, but not limited to, the state of the world financial,
credit, commodities and stock markets, and uncertainties regarding
the Company, its businesses and the industries in which it
operates, which are described in the Company’s filings with the
Securities and Exchange Commission. The Company is under no
obligation to (and expressly disclaims any such obligation to)
update or alter its forward-looking statements whether as a result
of new information, future events or otherwise.
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Ducommun IncorporatedJoseph P. Bellino, Vice President and Chief
Financial Officer310-513-7211orChris Witty, Investor
Relations646-438-9385cwitty@darrowir.com
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