BURLINGTON, Mass.–(BUSINESS WIRE)–CIRCOR International, Inc. (NYSE: CIR), a leading provider of severe service flow control solutions and other highly engineered products for markets including industrial, aerospace, and defense, today announced that the Board of Directors and Scott Buckhout, President and Chief Executive Officer, have mutually agreed that Mr. Buckhout will step down as President and Chief Executive Officer, effective immediately. The Board also announced that Aerospace & Defense Group President Tony Najjar has been promoted to Chief Operating Officer and named interim President and Chief Executive Officer. The Company has selected a leading executive search firm to identify a permanent President and Chief Executive Officer.
“Today’s announcement reflects the Board’s commitment to unlock the potential of CIRCOR and accelerate progress on our strategic priorities,” said Chair Helmuth Ludwig. “With over thirty years of experience in the industry, Tony is a proven leader and the right choice to serve as our COO and to lead as interim CEO. We are confident in our path forward and ability to generate long-term value for our employees, customers, suppliers and shareholders.”
Ludwig continued, “On behalf of the Board, I would also like to thank Scott for his many contributions to CIRCOR and wish him the best in his future endeavors.”
Financial Outlook
CIRCOR also reaffirmed its fourth quarter and full year 2021 financial outlook. In the fourth quarter, CIRCOR continues to expect organic revenue to increase by 1 to 3%, adjusted EPS of $0.60 to $0.65, and free cash flow conversion of 85 to 105% ($10 to $15 million). For the full year, CIRCOR continues to expect organic revenue to decrease by (2) to 0%, adjusted EPS of $1.69 to $1.74, and free cash flow conversion of 15 to 25% ($4 to $9 million).
About Tony Najjar
As CIRCOR’s newly appointed Chief Operating Officer, Tony Najjar will be responsible for executing CIRCOR’s strategic priorities across all operations and will oversee performance for the Industrial and Aerospace & Defense segments. Mr. Najjar brings deep expertise and over 30 years of industry experience, holding leadership positions across engineering, sales, and general management. Prior to serving as Group President of Aerospace & Defense, Mr. Najjar served as Vice President and General Manager of CIRCOR Aerospace. Mr. Najjar joined CIRCOR in 2015 as Group Vice President of Sales and Marketing. Before joining CIRCOR, Mr. Najjar held several leadership roles at Rockwell Collins and Kaiser Aerospace, including Business Development and M&A, as well as serving as General Manager of ElectroMechanical Systems. Prior to that, Mr. Najjar was the Vice President of Product Development at Kaiser Electroprecision. He earned Bachelor and Master of Science degrees in Mechanical Engineering from Oklahoma State University, and an MBA from Pepperdine University in California.
About CIRCOR International, Inc.
CIRCOR International, Inc. is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.
