Investor Alert

Dec. 1, 2011, 9:09 a.m. EST

Moog board board taps new CEO, OKs stock buyback

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By Ben Fox

Moog Inc.'s (MOG.A, MOG.B) board authorized a 1 million share repurchase program and named Chief Operating Officer John Scannell as its new chief executive.

The company manufactures precision control components and systems for military and commercial aircraft, medical equipment and industrial machinery. Scannell replaces Robert T. Brady, who became executive chairman. Gary Szakmary, the company's chief human resources officer, was elected as vice president of the corporation.

The company said it plans to buy back 1 million of its Class A or Class B shares, which represents about 2.2% of shares outstanding.

"In this volatile market," Scannell said, "we want to be able to take advantage of attractive investment opportunities. The board expects that this investment will be in addition, not an alternative, to our continuing acquisition campaign."

Moog hired Scannell 21 years ago as an engineering manager at Moog Ireland. He joined Moog's aircraft group in the U.S. in 2003 and became chief financial officer in 2007. In December 2010, he became president and chief operating officer.

Last month, Moog said its fourth-quarter earnings rose on stronger industrial systems and aircraft sales.

Class A and Class B shares closed Wednesday at $41.82 and $41.58, respectively, and were inactive premarket.

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