Kleveland will also join the Board. He will succeed Bill Higgins, who previously announced his intention to retire as CEO.

Kleveland has nearly two decades of industrial and aerospace leadership experience at Textron Inc. (NYSE:TXT). Most recently, he served as President and CEO of Textron Specialized Vehicles, which designs and manufactures a range of vehicles and equipment for commercial and consumer applications.

Kleveland holds a degree from the RNoAF Academy, a Bachelor of Science in Aeronautics from Embry Riddle Aeronautical University, and a Master of Business Administration from Midwestern State University.

Price Action: AIN shares closed higher by 1.86% at $92.13 on Friday.