Engineered Support Systems announced that, effective April 30, Michael F. Shanahan, Sr. will serve in the capacity of Nonexecutive Chairman of the Board of Directors.
Shanahan, who co-founded Engineered Support Systems in 1982 and turned 65 last October, has served in the capacity of President, Chief Executive Officer, and Chairman over the past 23 years.
In his role as Nonexecutive Chairman, Shanahan will focus on overall strategic direction and corporate governance matters with the Board of Directors and Office of the Chief Executive.
Shanahan commented, “This change in my status reflects the culmination of succession planning activities which have been in progress for several years. We are fortunate to have a strong management team to continue to build our company to the next level. Our team has done an outstanding job of strategically and successfully growing the business. Our rapid growth, both organically and with acquisitions, has produced exceptional financial results providing great shareholder value.
“Clearly, our organization possesses vital talent and depth within our recently-created Office of the Chief Executive, the firm’s overall management committee led by Vice Chairman and CEO Gerald A. Potthoff, and throughout the corporate and subsidiary ranks. With this strong, results-oriented team in place, I remain quite confident of the Company’s prospects for continued success. I look forward to the continuation of working with our team in my new status as Nonexecutive Chairman and as a major shareholder of the Company,” he said.
“Mike Shanahan and his vision led Engineered Support Systems to the remarkable success we’ve enjoyed throughout the company’s history and particularly within the past several years,” Potthoff said. “Mike’s transition to his new role as Nonexecutive Chairman frees him to continue to provide inspirational leadership and vision to the Board as it focuses on the company’s overall strategic direction and corporate governance matters. Because of our succession planning efforts, a process he largely set in motion, we absolutely have the strength in our management team to continue the company’s successful performance. Our mission remains to serve our customers around the globe, our shareholders, and our employees,” he said.
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