Allison Transmission Holdings Inc. announced today that Lawrence E. Dewey has notified the company’s board of directors of his decision to not stand for re-election at the company’s 2021 annual meeting of stockholders. Dewey joined the board in October 2007 as Allison Transmission’s president, CEO and chairman following the purchase of the Allison business by The Carlyle Group and Onex Corp.
“I’m honored to have served on Allison’s board of directors from its inception nearly 14 years ago. We as the board of directors have successfully executed the transition plan for the role of Allison Transmission CEO in 2018 and now the role of chairman of the board. Dave Graziosi, together with members of his management team, and the board of directors are well positioned to meet the challenges and capitalize on the opportunities for the future for the benefit of all Allison Transmission stakeholders,” said Dewey.
Dewey retired as CEO in May 2018 following a career spanning 44 years. As the longest-serving head of Allison in its 100 year-plus history, he oversaw the company’s transition from being a division of General Motors Co., to becoming an independent company with private equity ownership, to offering equity on the New York Stock Exchange in an IPO in 2012 and then transitioning to an independent public company.
Allison also announced that its board of directors has selected current board member and President and CEO David S. Graziosi to succeed Dewey as the next chairman of the board following the 2021 annual meeting of stockholders.
“The board of directors is extremely grateful for Larry’s leadership and dedication to this company,” said Thomas W. Rabaut, lead independent director of the board and chairman of the Nominating and Corporate Governance Committee for Allison. “We now look forward to supporting Dave as he transitions into the Chairman position and guides us as we continue to drive business growth for Allison Transmission.”
“It is an honor to be elected to the Chairman position and I thank the board for the confidence they have in me,” said Graziosi. “I cannot thank Larry enough for his mentoring and guidance as I transitioned into the CEO position and now as I step into the role of chairman.”
Graziosi has served as a director of Allison Transmission Holdings, Inc. since May 2018 and is currently the president and CEO of Allison and has served in that capacity since June 2018. He has been with Allison Transmission since 2007.
Dewey will continue to serve as chairman of the board and chair of the board’s Finance Committee until his current term expires at the 2021 annual meeting of stockholders. In recognition of his many years of service, the board has named Dewey to the honorary position of chairman emeritus of the board following the 2021 annual meeting of stockholders.