Indianapolis-based Allison Transmission Holdings Inc.’s top executive plans to retire from the company in 2018, Allison announced Wednesday.
Lawrence Dewey, 60, Alllison’s chairman and chief executive officer, will remain in his current position through May 31, 2018.
Dewey has served as Allison’s CEO since 2007, and he has served as the company’s board chairman since January. He joined the company in 1989 and has held a variety of positions, including company president, worldwide director of marketing, sales and service, and other roles.
During his time as CEO, Dewey has overseen some major changes at Allison. In 2007, Allison moved from being a division of General Motors Co. to an independent privately owned company. In 2012, Allison went on to become a publicly traded company.
In a news release, the company said its board plans to consider both internal and external CEO candidates, and it will put a leadership transition plan in place before Dewey leaves the company.
"We are extremely thankful for Larry's dedicated leadership and we respect his request to retire," said Thomas Rabaut, lead director of the board and chairman of the Nominating and Corporate Governance Committee for Allison. "He has successfully guided Allison through several periods of significant change and positioned it well for the future. We are confident that the transition plan will be well executed."
Founded in 1915, Allison makes automatic transmissions for medium- and heavy-duty commercial vehicles. The company has about 2,700 employees world-wide and has a market presence in more than 80 countries.
"As Allison enters its second century, I'm energized about the opportunities that lie ahead for this great company and its talented employees, both in the U.S. and around the world," Dewey said in the release. "Over the next 18 months, I plan to work closely with the board to ensure a smooth and successful transition of the company's leadership."