SIFCO Industries Names Interim CEO

Aug. 19, 2009
Lipscomb to replace retiring Gotschall
Cleveland-based SIFCO Industries Inc. chief executive officer Jeffrey P. Gotschall is retiring, and the company has appointed Michael S. Lipscomb as interim CEO. The transition will take place August 31. "We plan to develop a strategy for SIFCO as strong and enduring as its past," said Lipscomb. SIFCO has three business groups: SIFCO Applied Surface Concepts (ASC Group), which specializes in component surface enhancement; SIFCO Turbine Component Services and Repair Group, a small aerospace turbine engine component repair business; and Aerospace Component Manufacturing Group, (ACM Group), an aerospace component forging business. Lipscomb, 63, currently owns a small aerospace business in Cleveland and a liquid natural gas pump manufacturing company in California. SIFCO explains he led Argo-Tech through five bank refinancing transactions and four high-yield bond offerings, and managed the sale of the company to Eaton Corp. in 2007. Lipscomb is a former SIFCO director and previously served as chairman and CEO of aerospace supplier Argo-Tech Corp. Gotschall will remain with SIFCO as non-executive chairman of the board of directors. He will hold the interim position for up to two years, SIFCO stated. "My top priority in the coming months will be to work with the board and SIFCO's talented management team to determine the best long-term strategy for its three businesses," he said. "As we crystallize the strategy for a very strong future, we will also identify the leadership qualities that will be requisite in the next CEO who will drive that strategy forward." Other executive changes at SIFCO include Frank Cappello, who becomes vice president-Finance and chief financial officer; George Satava, who is now general manager of the ASC Group and the Turbine Component Services and Repair Group; James P. Woidke, now general manager of the Aerospace Component Manufacturing Group; and Wendy Worthington, director of Human Resources. Gotschall, 61, has been SIFCO’s chairman since 2001 and CEO since 1990. He served as CEO from 1986 to 1990, and from 1986 through 1989 as its executive vice president. From 1985 through 1989, he served as president of SIFCO Turbine Component Services. "I have chosen to retire as CEO at a time when SIFCO's future can be determined from a position of strength," said Gotschall. "Further, the timing of my decision allowed the unique opportunity to bring the special expertise of Mike Lipscomb to our organization in order to help with my long-planned transition.”