Triumph Group CEO resigns

Triumph Group said Wednesday that its CEO since 2012 has resigned effective immediately.

Jeffry Frisby stepped down as president, chief executive and as a director, the aviation supplier said in a news release.

Richard Ill, a director and founder of the Pennsylvania-based company, will assume the president and CEO roles in the interim.

“Our Board is committed to improving execution, increasing profitability, expanding margins, and generating strong cash flow and will continue to leverage the strength of our portfolio to drive sustainable growth and value for all of our stakeholders,” Ill said in the release. “On behalf of the Board of Directors, I thank Jeff for his many years of service and contributions to Triumph and wish him all the best in his future endeavors.”

The board has formed a search committee to find a permanent CEO.

Stern Agee analyst Peter Arment said in a note to investors Wednesday that the company has struggled with long-term earnings growth.

“Today’s news of CEO change will be positive for the TGI shares as new leadership is needed to help reshape the long-term growth story,” Arment wrote.

Triumph operates Triumph Structures at 3258 S. Hoover. It also has operations in Wellington.

Earlier this year, Triumph Group closed on an agreement with Spirit AeroSystems to take over Spirit's Gulfstream wing work in Tulsa. As part of that agreement, Triumph received $160 million in cash and other assets from Spirit to run the Gulfstream G650 and G280 wing programs.

This story was originally published April 8, 2015 at 10:06 AM with the headline "Triumph Group CEO resigns."