PARSIPPANY, N.J., (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation () today announced that its Board of Directors created the new position of independent Lead Director at its June 25, 2013 meeting. In addition, the Company announced that the Board had elected Dr. William W. Sihler to the position of Lead Director for a term running from June, 2013 to June, 2014.
The Lead Director position will enhance the Board's focus on corporate governance issues. In this newly-created role, Dr. Sihler will preside at executive sessions of the Board and be responsible for discussing the results of the executive sessions with the Chief Executive Officer. He also will assist in the administration of the Board by overseeing the Board's self-evaluation process and assisting in the creation of agendas for Board meetings. The Board had previously employed a rotating Lead Director, with members of the Board alternating in the position for each meeting.
Dr. Sihler, who has been a member of the Curtiss-Wright Board since 1991, while serving as the Ronald E. Trzcinski Professor of Business Administration, Darden Graduate School of Business Administration, University of Virginia, stated that "I look forward to working with my fellow directors to enhance Curtiss-Wright's corporate governance practices and ensure that our Board continues its focus on the voice of the shareholders."
"Over the course of the past few years, we have steadily improved our disclosure and communications with shareholders, as well as our pay for performance guidelines, as a means of strengthening our overall corporate governance efforts," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Today's announcement continues that trend with the appointment of a Lead Director. I am grateful for Dr. Sihler's willingness to assume this new position as we strive for excellence in Curtiss-Wright's corporate governance practices."
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and surface treatment technologies to the defense, energy and commercial/ industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation and prides itself on long-standing customer relationships. The company employs approximately 10,000 people worldwide. For more information, visit www.curtisswright.com.CONTACT: Jim Ryan