AeroVironment Announces Leadership Transition Plan
April 04, 2016
Wahid Nawabi to Become Chief Executive Officer, Effective May 2, 2016
Tim Conver Announces Retirement as CEO, Effective May 1; Will Continue to Serve as Chairman of the Board of Directors
SIMI VALLEY, Calif. - AeroVironment, Inc. (NASDAQ: AVAV) today announced that its Board of Directors has appointed Wahid Nawabi, currently president and chief operating officer, as chief executive officer and a member of the Board of Directors, effective May 2, 2016. Mr. Nawabi succeeds Tim Conver, who will retire as CEO effective May 1, 2016, and remain chairman of the Board.
"The AeroVironment Board, with my full support, has selected an outstanding and proven leader at a time when our management team is strong and our opportunities are great. This is the right time for Wahid Nawabi to transition to CEO of AeroVironment," said Mr. Conver. "Throughout his tenure at AeroVironment, Wahid has demonstrated exceptional leadership in complex and broad management roles while executing our strategy and generating value for our customers. Over the past five years, Wahid has been integral in supporting and building on our culture of innovation. He is uniquely capable and positioned to lead the next phase of AeroVironment's growth for the benefit of our customers, employees and stockholders. I look forward to working with Wahid and my fellow directors to continue supporting AeroVironment as chairman, with a focus on increasing long term stockholder value."
"Tim recognized the unique potential of our people and culture more than 25 years ago and transformed AeroVironment into a pioneering business and market leader, delivering valuable new categories of capability to customers in multiple industries," said Mr. Nawabi. "Today, AeroVironment operates a strong core business while advancing a portfolio of growth opportunities, including unmanned aircraft systems, Tactical Missile Systems, commercial UAS and electric vehicle charging. I am grateful for Tim and the Board's confidence in me, and honored to assume the leadership of our tremendous team in pursuit of continued growth and value creation."
Mr. Conver became AeroVironment's president in 1990 and has served as its CEO since 1992. During that period AeroVironment grew from a private company with annual revenue of $10 million to a public company with annual revenue last fiscal year of $259 million and a current market capitalization of more than $650 million.
"The Board maintains an ongoing, deliberate process for managing executive succession. This announcement is the result of that process, and began when Tim first approached the Board to discuss planning for his succession several years ago," said Arnie Fishman, lead independent director. "When the Board appointed Wahid to the COO role nearly one year ago and to the role of president this past January, we were confident he was the right leader for AeroVironment. Wahid has demonstrated the skills and characteristics we knew were required to continue to lead the company with the success that Tim has delivered over the last 25 years and we are excited to welcome him to the new role."
About AeroVironment, Inc. (AV)
AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty. Based in California, AeroVironment is a global leader in unmanned aircraft systems and tactical missile systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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