ALBANY INTERNATIONAL CORP. (NYSE:AIN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 5, 2018, Albany International Corp. (“the Company”) announced that Olivier Jarrault has been named President and Chief Executive Officer of the Company to succeed Dr. Joseph G. Morone, effective March 2, 2018. Mr. Jarrault will also become a member of the Company’s Board of Directors on that date. He will not serve on any Board committees. Also on February 5, Dr. Joseph G. Morone notified the Company’s Board of Directors of his intention to resign from the Board effective upon his previously announced retirement as President and Chief Executive Officer on March 2, 2018.
A copy of the Company’s press release, dated February 5, 2018, which sets forth other information required to be disclosed by this Item and is incorporated by reference herein, is attached as Exhibit 99.1.
A summary of Mr. Jarrault’s employment agreement and material compensation terms is attached as Exhibit 99.2, which is incorporated by reference herein.
Item 9.01 Exhibits
ALBANY INTERNATIONAL CORP /DE/ ExhibitEX-99.1 2 a51753545ex99_1.htm EXHIBIT 99.1 Exhibit 99.1 Albany International Announces New CEO ROCHESTER,…To view the full exhibit click here
About ALBANY INTERNATIONAL CORP. (NYSE:AIN)
Albany International Corp. is a textiles and materials processing company. The Company operates through two segments: Machine Clothing (MC) and Albany Engineered Composites (AEC). Its MC segment supplies permeable and impermeable belts used in the manufacture of paper, paperboard, nonwovens, fiber cement and various other industrial applications. The segment also supplies customized, consumable fabrics used in the manufacturing process in the pulp, corrugator, nonwovens, fiber cement, building products, and tannery and textile industries. Its AEC segment includes Albany Safran Composites, LLC (ASC), in which its customer SAFRAN Group owns interest and provides engineered, advanced composite structures based on its technology to customers in the aerospace and defense industries. The segment also designs, develops and manufactures advanced composite parts for aerospace and other applications, using a range of core technologies. It operates approximately 20 plants in over 10 countries.
