Daniel Godin has resigned as chief executive of Air Industries Group after less than 2 1⁄2 years, the company announced Friday.
Peter Rettaliata, a 66-year-old director of the company who served as chief executive for nearly 20 years, will return to an executive role as acting CEO. Before joining Air Industries, Rettaliata worked at Grumman Aerospace Corp. for 22 years. Another director, Michael Brand, was named chief operating officer.
Godin, 55, a former executive of United Technologies’ Pratt & Whitney aircraft engines division, succeeded Rettaliata as Air Industries’ CEO in January 2015.
Hauppauge-based Air Industries, which makes landing gear and other assemblies and components for military aircraft, including the F-16 Fighting Falcon, the F-18 Hornet and the E2D Hawkeye, has struggled in recent quarters. Godin announced a cost-cutting program and said the company was bringing in new executives to lead several of Air Industries’ subsidiaries when the company reported a loss of 30 cents per diluted share for the third quarter ended Sept. 30.
“Additional changes are planned for the fourth quarter and beyond,” he said at the time.
Michael Taglich, chairman of the board of Air Industries, said in a statement, “The board of directors and all of Air Industries thanks Dan Godin for his efforts and wishes him success in his future endeavors. I am very confident that Peter Rettaliata and Michael Brand . . . will successfully lead the company during this period.”
Taglich, president of Taglich Brothers, a Huntington brokerage, and his brother, Robert Taglich, an Air Industries director, together own about 10 percent of the company, making them the largest shareholders, according to Bloomberg.
A hallmark of Godin’s tenure at Air Industries was his effort to institute a corporate culture at Air Industries’ subsidiaries, many of which had been family-owned businesses.
Robert Botticelli, chairman and executive director of the Aerospace and Defense Diversification Alliance in Peacetime Transition, which advocates for Long Island’s aerospace and defense industries, said Godin had to deal with automatic federal spending cuts, known as the sequester.
“The industry was a bit soft in the last couple of years with the sequester,” he said. “That’s something that no one can control.”
Brand, 58, worked in the aerospace industry for more than 25 years, serving as president of Goodrich Landing Gear from July 2005 to June 2010.
Air Industries, founded in 1979, said it had 366 employees as of March 2016. The company’s operating units are on Long Island and in Connecticut.
Shares of Air Industries rose 13 cents to close at $3.85 in New York Stock Exchange trading Friday.