TransDigm says president and COO will retire at year-end; responsibilities to be split

MarketsAssociated Press

Aircraft parts maker TransDigm said Monday that Raymond Laubenthal is retiring as its president and chief operating officer after about nine years.

TransDigm Group Inc. said Laubenthal will stay with the company through the end of 2014 as part of a transition period, and he will be appointed to the board of directors after he retires. He has been president and COO of TransDigm since October 2005.

Continue Reading Below

The Cleveland company will divide Laubenthal's responsibilities after he retires. Robert Henderson, who has been with the company for 20 years, will become COO of TransDigm's airframe business. TransDigm is hiring Kevin Stein as COO of its power division. Stein had worked at Precision Castparts Corp.

TransDigm's stock fell $1.56 to $174.94 in morning trading Monday.