Woodward Inc. (NASDAQ:WWD) announced that A. Christopher Fawzy, its Executive Vice President, General Counsel, Chief Compliance Officer, and Secretary, has departed from the company. The separation, which became effective on Wednesday, is deemed a Qualifying Termination according to the terms outlined in Fawzy’s Executive Severance and Change in Control Agreement.
The agreement, which details the conditions under which a termination qualifies for certain benefits, has been publicly filed and is accessible in the company’s Annual Report on Form 10-K for the fiscal year that ended on September 30, 2021. The specifics of the severance or any associated financial implications for Woodward Inc. or Mr. Fawzy were not disclosed in the filing.
Woodward, a designer, manufacturer, and service provider of control systems and components for aerospace and industrial markets, has not yet announced a successor for Fawzy. The company's process for appointing a new General Counsel or the potential impact on its operations remains unreported.
This executive change comes as part of the natural ebb and flow of corporate leadership within publicly traded companies. It is not uncommon for executive roles to experience turnover, particularly in dynamic industries like aerospace and manufacturing.
As per standard practice, Woodward disclosed this management change in a filing with the Securities and Exchange Commission, ensuring transparency with its shareholders and the public.
The information provided in the announcement is based on the statements from the SEC filing and does not include any additional commentary or speculation on the part of Woodward or its former executive.
Investors and stakeholders of Woodward Inc. will be watching closely for any further announcements regarding the company's leadership and strategy following this executive departure.
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