8-K: Albany International Appoints Willard Station as New CFO

Albany International Corp. has announced the appointment of Willard Station as its new Executive Vice President and Chief Financial Officer, effective September 1, 2025.

Summary

• Albany International Corp. appointed Willard Station as Executive Vice President Chief Financial Officer and Principal Financial Officer, effective September 1, 2025.
• Mr. Station, 49, succeeds Jairaj (JC) Chetnani, who served as interim Chief Financial Officer since May 23, 2025.
• Station brings extensive experience, including roles as Senior Vice President of Primary Care Sales and Chief Financial Officer for McKesson Medical-Surgical, a McKesson Corporation subsidiary.
• His career also includes 16 years at The Boeing Company, where he was Vice President and Chief Financial Officer of Commercial Derivatives Airplanes and Director of Financial Operations for Boeing Commercial Airplanes.
• Station's initial base salary is set at $600,000 per year.
• He is eligible for an un-prorated 2025 Annual Performance Period (APP) award, with a target of 75% of his base salary, based on Adjusted EBITDA, cashflow, and safety metrics.
• Long-term incentives include a Performance Stock Unit (PSU) award (target 85% of base salary in shares) based on Aggregate Company Adjusted EBITDA, Adjusted Return on Invested Capital, and relative Total Shareholder Return.
• He will also receive a Restricted Stock Unit (RSU) award (target 85% of base salary in shares), vesting one-third annually from March 2026.
• A sign-on RSU award of $2.0 million in Company stock will vest over three years to compensate for forfeited incentives from his previous employer.
• Station will receive four weeks of vacation and be eligible for standard executive benefits, including a severance agreement providing twice his annual base salary if terminated without cause.

Sentiment

Score: 8

Explanation: The filing conveys a highly positive sentiment regarding the new CFO appointment, emphasizing his extensive experience, strategic value, and the company's optimism for future growth and profitability under his leadership. There are no negative or cautionary statements.

Positives

• The appointment of Willard Station, with his extensive background in both financial strategy and operational leadership from large, complex organizations like McKesson and Boeing, is a strong addition to the senior leadership team.
• Station's experience across diverse industries (healthcare distribution, aerospace) suggests adaptability and a broad strategic perspective.
• The CEO, Gunnar Kleveland, expressed confidence that Station's leadership will positively influence financial strategy and help achieve long-term goals for growth and profitability.
• The structured compensation package, including performance-based incentives and a significant sign-on bonus, aligns Station's interests with shareholder value creation and compensates for lost opportunities.

Future Outlook

The company anticipates that Willard Station's leadership will positively influence its financial strategy and contribute to achieving long-term goals for growth and profitability. Station expressed eagerness to collaborate with the team to execute plans and realize goals, aiming to deliver greater value to customers and shareholders.

Management Comments

• Gunnar Kleveland, President and CEO: "We are delighted to welcome Will to Albany International and look forward to his contributions as part of our senior leadership team. His extensive industry background and expertise in both operations and finance will bring valuable new perspectives to our organization. I am confident that Wills leadership will positively influence our financial strategy and help us achieve our long-term goals for growth and profitability. I would also like to thank JC for stepping up to take on the role as interim CFO along with his dedication and steady leadership over the past several months."
• Willard Station, incoming CFO: "I am honored to be joining Albany International and am eager to begin working with Gunnar, the Board of Directors and my new Albany colleagues. I look forward to contacting our investors, analysts and banking partners, and building strong relationships as we move forward. The Company has tremendous opportunities ahead, and I am excited to collaborate with the team to execute our plans and realize our goals. I’m enthusiastic about contributing to the continued growth of this fantastic Company and delivering greater value to our customers and shareholders."

Industry Context

This CFO appointment reflects Albany International's ongoing commitment to strengthening its executive leadership, particularly in financial strategy and operational efficiency. In the engineered components and advanced materials sector, robust financial management is crucial for navigating complex supply chains, R&D investments, and global market dynamics. Station's background in large-scale operations and finance from companies like Boeing and McKesson suggests a focus on optimizing financial performance within a high-volume, technically demanding environment, aligning with broader industry trends towards operational excellence and strategic financial planning.

Comparison to Industry Standards

• Willard Station's background, with 16 years at The Boeing Company, including CFO roles in commercial derivatives, and experience at McKesson Medical-Surgical, aligns with the profile of a seasoned financial executive sought by large, publicly traded manufacturing and aerospace suppliers.
• His dual expertise in finance and operations, demonstrated at companies with significant scale and complexity, is a valuable asset for Albany International, which operates globally with diverse product lines (Machine Clothing and Engineered Composites).
• The compensation structure, including a competitive base salary, performance-based annual incentives tied to key financial metrics (Adjusted EBITDA, cashflow, safety), and long-term equity awards (PSUs and RSUs linked to Adjusted EBITDA, ROIC, and TSR), is consistent with executive compensation practices for CFOs at comparable industrial and aerospace component manufacturers.
• The inclusion of a $2.0 million sign-on RSU award to compensate for forfeited incentives is a common practice in competitive executive hiring markets to attract top talent from other large corporations.

Management Changes

Stakeholder Impact

• Shareholders: The appointment of a highly experienced CFO is expected to positively influence financial strategy, potentially leading to improved growth, profitability, and shareholder value.
• Employees: A new CFO brings fresh leadership and strategic direction to the finance function and potentially broader operational areas.
• Investors and Analysts: The new CFO will engage with investors and analysts, building relationships and providing insights into the company's financial performance and strategy.
• Banking Partners: The new CFO will interact with banking partners, which is crucial for maintaining financial relationships and securing capital.

Next Steps

• Willard Station will officially assume the role of Executive Vice President Chief Financial Officer and Principal Financial Officer on September 1, 2025.
• Willard Station plans to contact investors, analysts, and banking partners to build strong relationships.
• The company will determine and pay the 2025 Annual Performance Period (APP) award in early 2026.
• The first vesting of Willard Station's Restricted Stock Unit (RSU) award is scheduled for March 2026.
• The Performance Stock Unit (PSU) award for 2025 will be determined and paid in shares during early 2028.

Key Dates

Recommendation

The appointment of Willard Station as CFO is a positive development, bringing strong financial and operational expertise from reputable companies. This strengthens the management team and signals a focus on long-term financial goals. However, this filing primarily concerns a personnel change and does not provide new financial performance data or strategic shifts that would warrant an immediate 'buy' or 'sell' recommendation. It reinforces the stability and strategic direction of the company, making 'hold' a prudent recommendation for existing investors, while potential investors should consider this positive management update in conjunction with broader financial analysis.

Keywords

CFO appointment, executive leadership, financial strategy, corporate governance, Albany International, AIN, Willard Station, McKesson, Boeing, compensation package, engineered components, aerospace, machine clothing