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The board of directors for fully-automatic transmissions expert, Allison Transmission, has announced that Chairman and CEO, Lawrence E Dewey, plans to retire on May 31, 2018, and has begun the search for a successor.
According to Allison, the board will consider both internal and external candidates to assume Dewey's (pictured) CEO position in 2018 and will implement a leadership transition plan prior to Dewey's retirement.
"We are extremely thankful for Larry's dedicated leadership and we respect his request to retire," said Thomas W. Rabaut, lead Director of the board and Chairman of the Nominating and Corporate Governance Committee for Allison.
"He has successfully guided Allison through several periods of significant change and positioned it well for the future. We are confident that the transition plan will be well executed."
Dewey will be retiring after a career spanning 44 years, which includes serving as CEO since 2007.
"As Allison enters its second century I'm energised about the opportunities that lie ahead for this great company and its talented employees, both in the US and around the world," said Dewey.
"Over the next 18 months, I plan to work closely with the board to ensure a smooth and successful transition of the company's leadership."