Kuhn the current CEO who replaced the founder, Charles Kamer, joined Kaman in 1999 and announced his retirement plans over a year ago. Since the announcement, Kaman has undergone an extensive search for his replacement.
Kaman's approach to CEO succession has been nearly textbook perfect. The
company has not rushed and has looked hard and long to find the right candidate. During the search process the company has continued to prosper. In its latest quarterly earnings, Kaman announced a growth of 70% from the same period last year due primarily to strong performance in its aerospace division. Keating's selection seems to be a very good fit and the method for succession should work smoothly as planned.Keating has all the right credentials and experience to step right into the position. According to Kuhn,
"Neal comes to Kaman with a remarkable depth of successful experience in both the aerospace and industrial distribution industries."....."He is a results-oriented executive with a reputation for leadership and strong customer orientation. I believe he is ideal for the the task of sustaining the momentum we have achieved and leading this company forward."Keating joined Hughes Supply as Chief Operating Officer in February 2005. Prior to his position at Hughes he served as an Executive Director of GKN, Plc and Chief Executive Officer for GKN Aerospace. Prior to GKN, Plc he worked at Rockwell International for 24 years. During that period, he rose to executive vice president and chief operating officer of Rockwell Collins Commercial Systems. He holds a bachelor's degree in electrical engineering from the University of Illinois and an executive M.B.A. from the University of Chicago.
Kaman is an example of how a new CEO can be selected. Watch the continuing succession process and how the company continues to perform.
For more on the change see:
Hartford Courant
Forbes
Reuters
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