BLOOMFIELD, Conn. — Kaman Corporation (the “Company”) announced that Neal J. Keating, Chairman of the Board of Directors of Kaman, retired from the Board of Directors at the Company’s 2021 Annual Meeting of Stockholders on April 14, 2021, in accordance with the previously announced transition plan. Upon Keating’s retirement, the Board appointed Kaman President and Chief Executive Officer, Ian K. Walsh, as Chairman.
Keating has served Kaman Corporation as the Chairman of the Board for over 13 years. During his time with the Company, Kaman has grown, evolved, and established itself as a leading manufacturer of engineered products serving aerospace & defense, industrial, and medical end-markets. Keating has spearheaded both organic growth and acquisitions such as Bal Seal Engineering, which enhanced profitability and helped to solidify the foundation for future growth. Keating also led the Company through the sale of its former distribution business.
With Keating’s retirement, Walsh will jointly serve as Chairman of the Board of Directors, President and Chief Executive Officer. Walsh has served as Kaman’s President and Chief Executive Officer since joining the Company on September 8, 2020.
Keating said, “Since first joining the Company in 2007, I have had a deep and ongoing commitment to the success of Kaman. I take great satisfaction in the Company’s evolution into a leading manufacturer of engineered products. Kaman has strong business momentum and its financial recovery from the impact of the COVID-19 pandemic is well underway with significant opportunities for growth ahead of it. Over the last several years, we’ve established a deep bench of experienced and talented leadership and an employee workforce that is second-to-none in my opinion. With Ian as Chairman and an exceptional leadership team in place who continue to develop and execute on Kaman’s growth initiatives, the Company will continue to benefit from a strong foundation. “
In addition to Keating’s retirement, Kaman also announced the retirement of two of its long-standing Board members, Karen Garrison and
Tom Rabaut, who together have given a combined 28 years of service to Kaman. With the retirement of Garrison, Kaman also announced that Jennifer Pollino, who joined the board in 2015, will assume the role of Lead Independent Director.
Garrison has been a director since 2006 and most recently served as Lead Independent Director. She is a retired President of Pitney Bowes Business Services and served in that role from 1999 until her retirement in 2004. Garrison’s experience demonstrates an extensive history of senior executive leadership and oversight roles, which provided operational insight with regard to acquisitions, human resources, information technology, and government contracting.
Rabaut has been a director since 2008. He currently serves as an Operating Executive at The Carlyle Group, a global private equity firm, where he has been working since January 2007. Rabaut’s professional experience provided the Board with additional perspectives on the aerospace industry, defense markets, international markets, and acquisitions from commercial, defense, market, and sales standpoints.
Walsh commented on the appointment of Pollino as Lead Independent Director and the retirement of Garrison and Rabaut: “I am thrilled and excited to be working with Jennifer in her role as Lead Independent Director going forward. Jennifer chaired the CEO succession process and I have gotten to know her well and worked closely with her these past months as Chair of our Compensation Committee. Both Tom and Karen have been tremendous assets to Kaman and wonderful advisors to me since I arrived. We thank them for their service and dedication to Kaman and wish them well.”
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