Austal USA President Michelle Kruger to Retire in June as COO Gene Miller Becomes Interim President

The move follows a $17 million accounting error that forced a guidance cut, rattling investors.

Overview

Austal USA said Gene Miller, the company’s chief operating officer, will serve as interim president once Michelle Kruger steps down.
Kruger will hold the title of president emeritus through June 1 and continue as an advisor and ambassador to the company.
Austal’s Australian parent disclosed the transition in an ASX filing, with CEO Paddy Gregg emphasizing execution on current programs and recruiting senior operational leaders.
The leadership change comes after Austal USA was reported to have double counted $17 million in incentives, leading to revised earnings guidance and a 22 percent share price drop in Australia.
The company continues to face legal overhangs, with former president Craig Perciavalle among three ex-executives set for trial later this year over alleged 2013–2016 accounting manipulation.