East Aurora, N.Y. (WBEN) - East Aurora-based Moog's security clearances have been "invalidated" over the fact the company's CEO, Pat Roche, is not a U.S. citizen. Roche is a legal permanent resident of the U.S. that was born in Ireland.
Prior to his appointment as CEO in February 2023 and continuing thereafter, Moog has been working proactively and in collaboration with the DCSA to implement an acceptable mitigation plan.
The development means Moog will not be able to enter into new contracts that require a facility security clearance until an approved mitigation plan is in place.
Moog, in a statement to investors, says it's focused on resolving this matter as soon as possible, expecting the mitigation measure will involve standing up a subsidiary with an organizational structure and procedures to ensure the protection of classified information.
Moog adds that approximately 2% of Moog’s total revenue for the prior fiscal year was generated from contracts that require a facility security clearance. "The invalidation of the Company’s facility security clearance will not impact its fiscal 2023 financial guidance," notes Moog.