Plus   Neg

Teledyne Names Al Pichelli CEO, Robert Mehrabian Executive Chairman

Industrial conglomerate Teledyne Technologies Inc. (TDY) announced late Tuesday the appointment of Al Pichelli as the President and Chief Executive Officer.

Pichelli, currently President and Chief Operating Officer, will succeed current CEO and Chairman Robert Mehrabian. Further, Mehrabian was named Executive Chairman, effective January 1, 2019.

As Executive Chairman, Mehrabian will remain actively involved with the company with a particular focus on strategy, technology, mergers and acquisitions and margin expansion programs. Mehrabian's employment contract has been amended and extended an additional four years to December 2023.

Pichelli has entered into an employment agreement through December 2021.

Mehrabian said, "After nearly 38 years of operational leadership and integration of all of Teledyne's 59 acquisitions, I want to congratulate Al on his well-deserved promotion to CEO.Al and I will work side by side, leading the development and execution of Teledyne's growth strategy."

Teledyne also announced certain other promotions. Jason VanWees, current Senior Vice President, Strategy and Mergers & Acquisitions, will become Executive Vice President with responsibilities including strategy, margin improvement programs and mergers & acquisitions.

Stephen Blackwood, current Vice President and Treasurer, will become Senior Vice President and Treasurer, overseeing all banking, procurement and treasury functions.

VanWees will continue to report to Mehrabian, and Blackwood will report directly to Mehrabian on procurement initiatives, effective January 1, 2019.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT