Terma North America Board Chairmanship Succession

Aarhus, Denmark and Paris Air Show – This is to advise that, due to the age restrictions contained in our Company Bylaws, Bob Louthan will not stand for re-election as the Chairman of the Board of Terma North America at our Annual Shareholders’ Meeting on 19 June 2015.  Succeeding Bob as the TNA Chairman will be Mr. Tom Burbage, and Tom’s Chairmanship will be effective as of the close of business on 19 June 2015.

I thank Bob for his impressive and highly valued management and personal involvement in the development and growth of Terma North America; important contributions that span more than a decade.

Bob joined Terma in 2003 with the primary responsibility to develop a business plan to expand Terma’s business in the United States. This led to the formulation and incorporation of our U.S. Subsidiary, Terma North America, Inc. (TNA) where Bob served as Chairman of the Board and as the interim President.  Bob was instrumental in recruiting executive TNA staff and initial Board members and in advising Terma managers in regard to U.S. business practices, and on-going marketing and business pursuits. 

As a high technology and computer industry executive and consultant, Bob’s professional responsibilities have included President and Vice President positions with private and public companies, and as a Director on private company boards.  He holds a Bachelor’s degree in Electrical Engineering and a Master’s degree in Business Administration.

In his position as Chairman of The Board of Directors from 2004 until the present, Bob has been an important and significant advisor and managerial resource for the TNA Management and for Terma’s Group Management.

I wish Bob and his wife Ann all the best in the future at their residence in Vail, Colorado.

I am most pleased to appoint and welcome Tom Burbage as the Chairman of the Board of our North American Subsidiary, Terma North America, Inc. 

Tom joined the TNA Board as an Outside Director in 2014 following an outstandingly distinguished career at Lockheed Martin where, prior to his retirement in 2014, he served as Executive Vice President and General Manager for the F-35 Program Integration. Previously, Tom served in other executive managerial and business development positions with Lockheed Martin.

Following his graduation from the U.S. Naval Academy, where he earned a Bachelor’s Degree in Aeronautical Engineering, Tom Burbage served on active duty in the U.S. Navy, achieving the rank of Lieutenant Commander. After completing the Navy's Test Pilot School in 1975, he accumulated more than 3,000 hours in 38 types of military aircraft as a Naval Aviator and test pilot. He also holds Master’s degrees in Aeronautical Systems from the University of West Florida and a Business Administration degree from UCLA. He retired from the Navy Reserves in 1994 as a captain.
 
Tom Burbage has received numerous industry awards, including the inaugural 2007 U.S. Naval Academy/Harvard Business Review Award for Ethical Leadership, and the 2006 Society of Automotive Engineers’ Leadership in Aerospace Award. He is a member of the Society of Experimental Test Pilots and the Royal Aeronautical Society.  Tom and his wife, Ellen, reside in Atlanta, Georgia.

Please join me in thanking Bob for his service and in welcoming Tom to his new appointment.

Yours sincerely,

Jens Maaloee
President & CEO
Terma A/S