Business Context and Reporting Period
This Form 8-K Current Report for Curtiss-Wright Corporation (NYSE: CW) covers the date of October 31, 2013. The filing primarily addresses Item 5.02 regarding the appointment of a new senior executive officer.
Key Financial Metrics
The filing does not provide current period revenue, profit, cash flow, margins, debt, or liquidity figures. The only financial data referenced is historical segment performance:
- Controls Segment Sales: Grew from $597 million to $875 million (based on fiscal year 2013 guidance) over the five years prior to the executive's new appointment.
Material Changes
The material change reported is a significant leadership transition within the executive suite:
- Appointment: Thomas P. Quinly was appointed Chief Operating Officer (COO).
- Reporting Line: Mr. Quinly reports directly to David C. Adams, who was recently promoted to President and Chief Executive Officer.
- Scope: Mr. Quinly will oversee the VP/General Managers of the operating segments.
Management Commentary and Background
Management highlights Mr. Quinly's extensive background to justify the appointment:
- Experience: Over 30 years in defense, aerospace, and commercial industries.
- Recent Performance: As President of the Controls segment, he achieved strong organic growth, expanded operating margins, and executed 16 acquisitions.
- History: Joined the company in March 2004 via the acquisition of Dy4; previously held leadership roles at Lockheed-Martin, Allied Signal Aerospace, and Advanced Technology Laboratories.
- Compensation: No changes to previously announced material plans, contracts, or arrangements were made as a result of this appointment.
Investor Verification Checklist
- Verify the full text of the press release attached as Exhibit 99.1 for additional details on the leadership transition.
- Confirm the specific compensation package for the new COO in subsequent filings (e.g., Definitive Proxy Statement) as this 8-K states no changes to prior arrangements but does not detail the new role's specific compensation.
- Review the most recent 10-Q or 10-K for actual fiscal year 2013 financial results, as the $875 million figure cited is based on guidance, not finalized results.