Lawrence E. Dewey to retire as Chairman and CEO of Allison Transmission in May 2018

Longest-serving head of Allison led company’s transition from its time as a division of General Motors to an independent public company

INDIANAPOLIS – The board of directors for Allison Transmission Holdings Inc. (NYSE: ALSN) today announced that it has entered into a new employment agreement with Chairman and CEO Lawrence E. Dewey. The agreement runs through May 31, 2018 at which time Dewey, currently 60 years old, intends to retire. 

The board will consider both internal and external candidates to assume Allison Transmission’s 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 the longest-serving head of Allison in its 100 year-plus history, he oversaw the company’s transition from being a division of General Motors Co., to becoming an independent company with private equity ownership, to offering equity on the New York Stock Exchange in 2012 and, for the last four years, as an independent public company.

“As Allison enters its second century I’m energized about the opportunities that lie ahead for this great company and its talented employees, both in the U.S. 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.”

Dec 21, 2016

About Allison Transmission

Allison Transmission (NYSE: ALSN) is the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and is a leader in hybrid-propulsion systems for city buses. Allison transmissions are used in a variety of applications including refuse, construction, fire, distribution, bus, motorhomes, defense and energy. Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA and employs approximately 2,600 people worldwide. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.