Allison Transmission announces the next CEO
After nearly 18 years leading the company, Lawrence E. Dewey will retire as longest-serving CEO on May 31; Graziosi currently serves as President and CFO.
The board of directors for Allison Transmission Holdings Inc. (NYSE: ALSN) announced that President and Chief Financial Officer David S. Graziosi will succeed Chief Executive Officer Lawrence E. Dewey on June 1, 2018.
"Larry is an exceptional leader who has successfully guided Allison through several periods of significant change while positioning it well for the future," said Thomas W. Rabaut, lead director of the board and chairman of the Nominating and Corporate Governance Committee for Allison. "Since joining Allison in 2007, Dave has demonstrated excellent leadership skills, a clear understanding of Allison and the ability to expand his role."
"I am honored to be selected to succeed Larry as Allison’s next CEO," said Graziosi. "As the longest-serving head of Allison in its 100 year-plus history, he established standards and performance that separate the company from virtually any other industrial enterprise. I believe Allison and its talented employees are positioned to realize the opportunities that lie ahead, and continue the heritage of leadership in the markets we serve and in the communities where we live and work."
Graziosi, 51, joined Allison as executive vice president, CFO and treasurer, in November 2007 shortly after the sale of Allison Transmission by General Motors to The Carlyle Group and Onex Corporation, ultimately leading to an IPO in March 2012. Graziosi was named president in January 2016, and in this current role oversees Operations, Purchasing and Supplier Quality, Quality and Reliability, Legal, Corporate Affairs and Communications, Internal Audit, Human Resources, Information Systems and Services, and Financial activities. Graziosi began his career in public accounting and has extensive experience in multinational manufacturing businesses.
“Dave has been instrumental in all aspects of our financial management from day one, and, as he has taken on the responsibilities of President, he has led each of his functional groups to successfully implement a variety of initiatives to improve our business,” said Dewey. “With Dave’s very capable leadership supported by the efforts of the accomplished Allison team, I am excited about the future for Allison Transmission.”
The board will consider both internal and external candidates to assume Allison’s CFO position and implement an appropriate transition plan.