Albany International CEO to retire in 2018

The company’s board has instituted a CEO search to consider candidates to succeed Joseph Morone, who will continue to serve as CEO until his successor is in place.

Albany International Corp. (Rochester, NH) announced today that President and CEO Joseph Morone has decided to retire in 2018. The company’s board has instituted a CEO search to consider candidates to succeed Morone, who will continue to serve as CEO until his successor is in place. Morone has also agreed to remain on the board for an appropriate period of time to support the transition and ensure an orderly handoff to his successor.

Morone said, “It’s been my honor to lead Albany as CEO for the past 11 years, and to have served on the Board for the past 21 years. I will turn 65 next year and the board and senior management have been aware for some time of my desire to retire in 2018. I am also committed to staying on for a transition period after our new CEO is in place to ensure an orderly hand-off. I have great confidence in a successful outcome to this process. This company and both businesses are in great shape, in the hands of strong management teams, and well positioned for the future. I look upon this transition with the same optimism and confidence in Albany’s future as I have shared with our employees and investors during my tenure, and will do my best to keep us focused, as always, on execution – on safety, quality, delivery, cost and technology – throughout this process.”

Chairman Erkie Kailbourne commented, “The entire Albany board – including Morone – has been laying the groundwork for a successful transition for several years, and we share in his confidence that the company will enjoy an orderly, transparent hand-off and succession, and will not miss a beat in the execution of our strategy. We have retained executive search firm Russell Reynolds Associates to assist us in conducting a comprehensive, global search, and all signs point to a very strong slate of candidates. With Joe’s support throughout this process, we are confident that we will achieve a smooth transition for the benefit of all of our stakeholders: investors, employees, customers, suppliers and local communities.”