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.
Item 7.01 Regulation FD Disclosure
Albany International Corp. (the “Company”) announced today that President and CEO Joseph Morone has decided to retire in 2018. The Company’s Board has instituted a CEO search to consider candidates to succeed Dr. Morone, who will to continue to serve as CEO until his successor is selected. Dr. Morone has also agreed to remain on the Board to support the transition for an appropriate period of time, in order to ensure an orderly handoff to his successor.
A copy of the press release is attached as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are being furnished herewith:
99.1News release dated August 1, 2017.
ALBANY INTERNATIONAL CORP /DE/ ExhibitEX-99.1 2 e75077ex99-1.htm NEWS RELEASE Exhibit 99.1 NEWS RELEASE Albany International Announces CEO Succession Plan 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.