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Allison Transmission Holdings Inc., a global manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and hybrid vehicles, announced that it has entered into a new employment agreement with Chairman and CEO Lawrence E. Dewey. The agreement runs through May 31, 2018 at which time Dewey, currently 60 years old, intends to retire.

The board will consider both internal and external candidates to assume Allison Transmission’s CEO position in 2018 and will implement a leadership transition plan prior to Dewey’s retirement.

“We are extremely thankful for Larry’s dedicated leadership and we respect his request to retire,” said Thomas W. 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.”

Dewey will be retiring after a career spanning 44 years, which includes serving as CEO since 2007. As the longest-serving head of Allison in its 100 year-plus history, he oversaw the company’s transition from being a division of General Motors Co., to becoming an independent company with private equity ownership, to offering equity on the New York Stock Exchange in 2012 and, for the last four years, as an independent public company.

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