The chairman of Indianapolis-based Allison Transmission Holdings Inc. (NYSE: ALSN) says he will not stand for re-election when the company conducts its annual stockholders meeting. Allison says Lawrence Dewey will be succeeded as board chair by Chief Executive Officer David Graziosi.
Lawrence Dewey led the company during a pivotal period when it became an independent company, separating from General Motors Co. (NYSE: GM). He was the longest-serving leader for Allison and served at the helm when the company went public in 2012.
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.
“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.”
Dewey will continue to serve as chairman of the board until his current term expires at the 2021 annual meeting of stockholders. The board has named Dewey to the honorary position of chairman emeritus of the board once his term is completed.