8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 31, 2022

TRIUMPH GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	1-12235	51-0347963
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

899 Cassatt Road, Suite 210,
Berwyn, Pennsylvania	19312
(Address of principal executive offices)	(Zip Code)

(610) 251-1000

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $.001 per share	TGI	New York Stock Exchange
Purchase Rights		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.

On March 31, 2022, Triumph Group, Inc. (the “Company”) announced a streamlined organizational structure. In connection with these changes, William C. Kircher, who served as Executive Vice President, Customer Solutions & Support, will leave the Company to pursue other opportunities.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
99.1	Press release dated March 31, 2022
104.1	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	April 1, 2022	TRIUMPH GROUP, INC.
		By:	/s/ Jennifer H. Allen
			Jennifer H. Allen
			Senior Vice President, General Counsel and Secretary

EX-99.1

Exhibit 99.1

 

NEWS RELEASE

Contact: April Harper Director, Marketing & Communications Phone (610) 251-1000 aharper@triumphgroup.com Thomas A. Quigley, III VP, Investor Relations and Controller Phone (610) 251-1000 tquigley@triumphgroup.com

Triumph ANNOUNCES STREAMLINED ORGANIZATIONAL STRUCTURE

BERWYN, Pa. – March 31, 2022 – Triumph Group [NYSE:TGI] announced today a new streamlined organizational structure that will better reflect its “one company, many solutions” operating philosophy and enhance margins.

“Triumph has undergone a significant transformation to reshape our program and business portfolio, creating a high-performance company. As we become a pure-play provider of systems and aftermarket services, we are reorganizing around our core operating companies and removing a layer of overhead to better serve the needs of our broad customer base,” said Daniel J. Crowley, Chairman, President and CEO of Triumph Group, Inc. “We look forward to accelerating our growth and delivering enhanced margins as we realize our full potential.”

Effective April 1, 2022, with the start of its fiscal year 2023, Triumph will reorganize its Systems and Support Business Unit into the following four product and service operating companies with the leaders of each joining the Senior Leadership Team:

•Actuation Products & Services, led by Mike Boland

•Systems, Electronics & Controls, led by Justin Wolfanger

•Geared Solutions, led by Pete Gibson

•Product Support, led by Jim Berberet

Triumph’s Mechanical Solutions business will combine with Actuation Products & Services given their common customers and shared focus on mechanical controls. Triumph’s Interiors business will align under the Integrated Supply Chain and Operations organization led by Craig Cooper. Mr. Cooper is also responsible for closing the Stuart, Florida legacy structures divestiture transaction, which is on track to occur in the first quarter of fiscal year 2023.

Scott Ledbetter, previously President of Actuation Products & Services, will assume a new role as Vice President, Execution Assurance and become a member of the Senior Leadership Team. Mr. Ledbetter will partner with the operating companies to integrate Triumph’s continuous improvement, lean, and program management functions for the benefit of all customers.

In connection with these changes, Bill Kircher who served as Executive Vice President of Triumph Systems & Support, and Ian Reason who served as President of Mechanical Solutions, will leave Triumph to pursue other opportunities. In the interim, Mr. Kircher will serve as a strategic advisor to the CEO to help ensure a seamless transition.

“Today’s announcement demonstrates the deep bench of talent we have at Triumph. The addition of these Presidents to our Senior Leadership Team will foster direct collaboration between our business and functional leaders.” Mr. Crowley continued. “We are grateful for Bill’s and Ian’s dedicated leadership and many contributions to our customers, our employees and our company.”

Triumph plans to launch a new corporate identity that reflects its evolution to a unified, “one company, many solutions” operating philosophy early in fiscal year 2023. Triumph intends to report financial results based on its current segment structure with additional details on its end markets.

1

Bios for the Senior Leadership Team can be found on Triumph’s website.

Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs, and overhauls a broad portfolio of aerospace and defense systems, components, and interiors. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.

More information about Triumph can be found on the company’s website at www.triumphgroup.com.

2

XML

Document And Entity Information	Mar. 31, 2022
Document And Entity Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Entity File Number	1-12235
Entity Registrant Name	TRIUMPH GROUP, INC.
Entity Central Index Key	0001021162
Entity Tax Identification Number	51-0347963
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	899 Cassatt Road
Entity Address, Address Line Two	Suite 210
Entity Address, City or Town	Berwyn
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19312
City Area Code	610
Local Phone Number	251-1000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Document And Entity Information [Line Items]
Security 12b Title	Common Stock, par value $.001 per share
Trading Symbol	TGI
Security Exchange Name	NYSE
Purchase Rights [Member]
Document And Entity Information [Line Items]
Security 12b Title	Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NYSE