Berwyn based aerospace supplier Triumph Group announced last Tuesday that Daniel J. Crowley has been appointed by the Board of Directors as President and Chief Executive Officer and as a director of the company. Crowley took up his new position from the company’s CEO and founder, Richard C. Ill, on January 4th.

The announcement of Crowley’s appointment came after an extensive eight month search for a CEO by the Board’s Search Committee, and the news was welcomed by investors with the share price of Triumph increasing almost 20 percent on the day of the announcement. Before the announcment, Triumph Group stock had slumped almost by half over the past year says the Wall Street Journal.

“On behalf of the Board, I am delighted to welcome Dan as Triumph’s new President and CEO,” said General Ralph “Ed” Eberhart, the Non-Executive Chairman of the Board of Directors. “We are confident that Dan’s strategic and operational expertise, and deep understanding of the aerospace and defense industry, make him well-qualified to drive Triumph’s growth, development and execution.”

Crowley, who recently served as a President for two Raytheon Companies with multi-billion dollar revenues, has the necessary experience, both strategic and operational, in the aerospace and defense industry to successfully lead Triumph. Prior to his position at Raytheon, Crowley worked the Chief Operating Officer for Lockheed Martin Aeronautics.

“Triumph is in need of some changes in operational execution and strategy, but the overall market in which Triumph competes is still a very attractive market,” noted Crowley. He is already looking forward to studying the company’s business areas closely before he makes any recommendations for portfolio changes to the board.

Crowley also pointed out that “It’s a very competitive business, and Triumph knows that it has to raise its bar on performance,” and added that major equipment manufacturers such as Boeing were pressuring suppliers to improve cost, quality and delivery times, and that he is hoping  Triumph can win one of Boeing’s annual operational excellence awards.

“I am deeply honored to succeed Rick as Triumph’s next President and CEO,” said Crowley. “Triumph has emerged as a critical supplier and partner to virtually all Tier 1 aerospace and defense OEMs that demand the highest level of quality, affordability and on-time delivery. I look forward to leveraging our comprehensive capabilities and talented workforce to deliver on customer commitments, support Triumph’s and our customers’ growth objectives, and drive shareholder value.”