TransDigm Executive Chairman Nicholas Howley Transition To Non-executive Chairman - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Tuesday, TransDigm Group Inc. (TDG) said it will not provide fiscal year 2021 guidance at this time, given the considerable uncertainty around the extent and duration of business disruptions related to the COVID-19 pandemic, and how that will continue to impact operations.

TransDigm also announced the transition of Nicholas Howley from the role of executive chairman to chairman of the Board of Directors, effective August 6, 2021.

As Chairman and Chair of the Executive Committee, Howley will continue to focus his efforts primarily on matters relating to capital allocation, mergers and acquisitions, corporate strategy, and leadership of the Board of Directors.

This transition timeline is accelerated by roughly one year, as Howley's previous employment agreement anticipated his transition from Executive Chairman to Chairman in December 2022.

Howley intends to continue in the Chairman role through at least fiscal 2024, which is the same commitment time period as his previous employment agreement.