Former Lockheed executive named CEO at Vought Aircraft’s parent

Daniel Crowley, who spent several years as an executive in Fort Worth with Lockheed Martin Aeronautics before leaving in 2010, has been named chief executive officer at Triumph Group, the parent of Vought Aircraft.

Crowley, most recently president of Raytheon’s Integrated Defense Systems unit, was chosen after an “extensive search” by the board, Triumph said in a statement Tuesday. Crowley, 52, replaces Richard Ill, the founder of Triumph who came out of retirement to take over the company after Jeffry Frisby resigned in April.

“Mr. Crowley brings significant strategic and operational experience to Triumph in the aerospace and defense industry, amassed over a 32-year career,” the company said.

At Lockheed Martin Aeronautics, Crowley spent four years as general manager of the F-35 Joint Strike Fighter program and served as chief operating officer. Before that he spent time at Lockheed’s space systems and missiles divisions.

The announcement drove up the price of Triumph stock the most in seven years. Shares (ticker: TGI) climbed 19 percent, or $6.56, to $40.98 a share.

Investors had cheered Frisby’s departure in April, driving up the shares 8.5 percent the day of the announcement. Analysts had said that Frisby was more of a dealmaker while the Berwyn, Pennsylvania-based company, best known for producing hulls for Boeing Co.’s 747 jumbo jets, needed a leader to focus on execution.

Triumph Group bought Vought Aircraft, which builds large assemblies for aircraft including the Boeing 747 and 767, in 2010.

The Vought division of Triumph Aerostructures has about 650 employees at its Grand Prairie facility off Marshall Street; 550 workers at the division’s administrative services facility in Arlington, on Nolan Ryan Expressway near Globe Life Park; and about 800 workers in Red Oak, in Ellis County, where the company builds airframe systems for commercial and military customers.

This story was originally published December 29, 2015 at 1:51 PM with the headline "Former Lockheed executive named CEO at Vought Aircraft’s parent."