BERWYN, Pa.--(BUSINESS WIRE)--Jan. 21, 2014--
Triumph Group, Inc. (NYSE:TGI) today announced that M. David
Kornblatt, Executive Vice President and Chief Financial Officer, will
transition from that position next month to become the company’s
Director of Corporate Development. He will be succeeded as Chief
Financial Officer by Jeffrey L. McRae, currently President of Triumph
Aerostructures – Vought Aircraft Division, upon formal election by the
company’s board of directors, which is also expected to occur next month.
Mr. Kornblatt has served as Chief Financial Officer of Triumph since
June 2007 and now seeks to reduce his duties to pursue other
non-business interests while retaining an active role in the company.
Upon becoming the company’s Director of Corporate Development, Mr.
Kornblatt will focus his efforts on the company’s corporate acquisition
and divestiture activities, support strategic initiatives and continue
to lead the efforts to manage the company’s pension obligations, all of
which he has to date handled in addition to his other duties as Chief
Mr. McRae was chosen to succeed Mr. Kornblatt after a nationwide search.
Most recently, Mr. McRae was named President of Triumph Aerostructures –
Vought Aircraft Division in October, 2013, having previously served as
President of Triumph Aerostructures – Vought Integrated Programs
Division and Chief Financial Officer for Triumph Aerostructures – Vought
Aircraft Division, a position he had assumed upon the completion of
Triumph’s acquisition of Vought Aircraft Industries, Inc. in June 2010.
Prior to the acquisition, Mr. McRae had served as Vought’s Vice
President of Business Operations. Prior to joining Vought, Mr. McRae
spent 20 years with BAE Systems (formerly United Defense) and its legacy
companies, most recently as interim President and General Manager for
the Armament Systems Division (ASD). During his career, he held a series
of financial management positions, including Director of Finance for
ASD, Chief Financial Officer for joint ventures in Turkey and Saudi
Arabia, Director of a payroll and benefits shared services center, and
Plant Controller for a production facility. Mr. McRae earned his
bachelor’s degree in accounting from Michigan State University and began
his career with KPMG in Lansing, Michigan.
“Dave Kornblatt’s contributions to Triumph’s success over the past six
and a half years have been significant,” said Jeffry D. Frisby,
Triumph’s President and Chief Executive Officer. “Dave has played a key
role in guiding the financial and corporate growth of the company from
just under $1 billion a year in revenues to revenues exceeding $3.7
billion, with critical roles in the transformative and challenging
acquisition of Vought Aircraft Industries in 2010 and the subsequent
integration of Triumph and Vought. We are pleased that he will continue
to work with Triumph in the corporate development role, allowing us to
continue to benefit from his input while providing him the opportunity
he seeks to pursue other interests that the demanding role of CFO would
Mr. Frisby continued, “At the same time, we feel very fortunate that
Jeff McRae will succeed Dave. We conducted a comprehensive nationwide
search for someone capable of filling this key position, but it became
clear in time that we had the best candidate right under our roof in
Jeff McRae. Since the acquisition of Vought, Jeff has repeatedly stepped
up to new challenges with poise and competence, and we have every
confidence he will do so again in his new role as Triumph’s Chief
Financial Officer. We expect the net result will be a transition that
will give Triumph the best of all worlds.”
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs,
engineers, manufactures, repairs and overhauls a broad portfolio of
aerostructures, aircraft components, accessories, subassemblies and
systems. The company serves a broad, worldwide spectrum of the aviation
industry, including original equipment manufacturers of commercial,
regional, business and military aircraft and aircraft components, as
well as commercial and regional airlines and air cargo carriers.
More information about Triumph can be found on the Internet at http://www.triumphgroup.com.
Statements in this release which are not historical facts are
forward-looking statements under the provisions of the Private
Securities Litigation Reform Act of 1995. All forward-looking statements
involve risks and uncertainties which could affect the company’s actual
results and could cause its actual results to differ materially from
those expressed in any forward looking statements made by, or on behalf
of, the company. Further information regarding the important factors
that could cause actual results to differ from projected results can be
found in Triumph’s reports filed with the SEC, including our Annual
Report on Form 10-K for the year ended March 31, 2013.
Source: Triumph Group, Inc.
Triumph Group, Inc.
Vice President, Tax &