INDIANAPOLIS, Feb. 8, 2018 /PRNewswire/ -- Allison
Transmission Holdings Inc. (NYSE: ALSN) announced today that
Francis 'Buzz' Raborn and James A.
Star have notified the company's board of directors of their
decision to not stand for re-election at the company's 2018 annual
meeting of stockholders. Raborn joined the board in October 2007 and Star joined the board in
May 2016.
"I wish to thank Buzz for his dedicated service as a member of
our board," said Chairman and CEO Lawrence
E. Dewey of Allison Transmission. "He has provided valuable
insights that contributed to Allison's success, especially in our
transition to a public company. We are grateful for his commitment
to Allison and wish him all the best."
Raborn said, "I'm truly honored to have served on Allison's
board of directors over the past decade alongside such a gifted
group of executives. Over the course of my tenure, I'm especially
proud of how Allison made the successful transition from a private
equity-owned enterprise to a public company that effectively
represents its shareholders."
Tom Rabaut, the board's lead
director, said, "Buzz has been a great asset to Allison due to his
knowledge of finances and the defense industry. His leadership of
the Audit Committee for the last 10 years has provided a great deal
of stability as Allison transitioned to a public company. I would
also like to thank Buzz for his outstanding service to
Allison."
Dewey said, "I wish to thank Jamie for his productive and
positive service as a member of our board. As a significant
stockholder with extensive financial expertise, he has provided
valuable insights that contributed to Allison's success during his
term of service. We are grateful to Jamie for his commitment to
Allison and wish him all the best."
Star said, "It's been a great pleasure to work with Allison's
talented management and dedicated board of directors. I originally
joined the board to support Allison's growth and value creation,
and to bring the perspective of a large, long-term shareholder to
the boardroom. Today, thanks to Allison's capable management, the
company's relationship with its stockholders is strong and that
shareholder voice is expertly handled by Ashe Capital's
Bill Harker now that he is a member
of Allison's board."
Rabaut said, "As Allison transitioned from a private equity
owned enterprise to a public company, Jamie effectively represented
the voice of the shareholder. He was instrumental in the company's
construct of its current capital allocation approach. He has been
an excellent board member."
Raborn and Star will continue to serve as directors and
members of the board committees on which they serve until their
current terms expire at the 2018 annual meeting of stockholders.
Raborn serves on the Audit Committee and Nominating and Corporate
Governance Committee, and Star serves on the Compensation
Committee.
About Allison Transmission
Allison Transmission (NYSE:
ALSN) is the world's largest manufacturer of fully automatic
transmissions for medium- and heavy-duty commercial vehicles, and
is a leader in hybrid-propulsion systems for city buses. Allison
transmissions are used in a variety of applications including
refuse, construction, fire, distribution, bus, motorhomes, defense
and energy. Founded in 1915, the company is headquartered in
Indianapolis, Indiana, USA and
employs approximately 2,700 people worldwide. With a market
presence in more than 80 countries, Allison has regional
headquarters in the Netherlands,
China and Brazil with manufacturing facilities in the
U.S., Hungary and India. Allison also has approximately 1,400
independent distributor and dealer locations worldwide. For more
information, visit allisontransmission.com.
Forward-Looking Statements
This press release contains
forward-looking statements. All statements other than statements of
historical fact contained in this press release are forward-looking
statements, including all statements regarding future financial
results. In some cases, you can identify forward-looking statements
by terminology such as "may," "will," "should," "expect," "plans,"
"project," "anticipate," "believe," "estimate," "predict,"
"intend," "forecast," "could," "potential," "continue" or the
negative of these terms or other similar terms or phrases.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks. Factors which may cause the
actual results to differ materially from those anticipated at the
time the forward-looking statements are made include, but are not
limited to: risks related to our substantial indebtedness;
uncertainty in the global regulatory and business environments in
which we operate; our participation in markets that are
competitive; the highly cyclical industries in which certain of our
end users operate; the failure of markets outside North America to increase adoption of
fully-automatic transmissions; the concentration of our net sales
in our top five customers and the loss of any one of these; future
reductions or changes in government subsidies for hybrid vehicles
and other external factors impacting demand; U.S. defense spending;
general economic and industry conditions; the discovery of defects
in our products, resulting in delays in new model launches, recall
campaigns and/or increased warranty costs and reduction in future
sales or damage to our brand and reputation; our ability to prepare
for, respond to and successfully achieve our objectives relating to
technological and market developments, competitive threats and
changing customer needs; risks associated with our international
operations; labor strikes, work stoppages or similar labor
disputes, which could significantly disrupt our operations or those
of our principal customers; our intention to pay dividends and
repurchase shares of our common stock and other risks and
uncertainties associated with our business described in our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. Although we believe the expectations reflected
in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that the expectations will be
attained or that any deviation will not be material. All
information is as of the date of this press release, and we
undertake no obligation to update any forward-looking statement to
conform the statement to actual results or changes in
expectations.
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SOURCE Allison Transmission Holdings Inc.