Wilmerding-based rail company Wabtec announced today that chief financial officer and executive vice president Alvaro Garcia-Tunon will retire effective Jan. 1.
He will be succeeded by corporate controller and senior vice president Patrick D. Dugan.
Mr. Garcia-Tunon, 61, joined Wabtec in 1995, and was appointed CFO in 2003. He will remain with the company as a strategic adviser.
Mr. Dugan joined the company in 2003.
Albert J. Neupaver, Wabtec's chairman and CEO, said in a prepared statement that during Mr. Garcia-Tunon's tenure Wabtec had experienced unprecedented growth.
"As a result, our stock price has appreciated each year in that period, increasing by more than a factor of 10," Mr. Neupaver said in the statement. "We're pleased Alvaro will continue to be involved to ensure a smooth transition, and to provide expertise and counsel on a variety of strategic opportunities. "
Wabtec reported third quarter earnings of $73.9 million, or 76 cents per share, on Oct. 24, a 17 percent increase from the third quarter of 2012.
Kim Lyons: firstname.lastname@example.org or 412-263-1241. Twitter: @SocialKimLy.