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Today, Wabtec Corp. announced Gregory Davies is stepping down as president and chief executive officer because of his health. The company's president since 1998, Davies was diagnosed with a malignant brain tumor two months ago. Wabtec named Chairman William Kassling to succeed Davies as president and CEO.

"I'm very grateful for the support and encouragement I've received from everyone within and connected to Wabtec during these past few weeks," said Davies in a prepared statement.

In 1999, Davies was elected to Wabtec's board. In 2001, he was named CEO to succeed Kassling, who served in that role 11 years.

"Greg led us successfully through the toughest rail-supply market in 20 years and took many actions to position Wabtec for growth," said Kassling. "Under his leadership, the company broadened and strengthened its commitment to lean manufacturing, initiated processes for corporate strategic planning and product development, and reduced its debt to the lowest level since going public."

Meanwhile, Wabtec shareholders elected three board members to three-year terms earlier this week at the company's annual stockholders meeting in Pittsburgh.

The directors are Kassling; Robert Brooks, who has served Wabtec in various executive positions since 1990; and James Miscoll, former vice chairman of Bank of America.

Shareholders also ratified the appointment of Ernst & Young L.L.P. to serve as Wabtec's independent public accountants this year.