Monday, June 25, 2012
Walter J. Zable, founder of the San Diego-based defense contractor Cubic Corp., has died at 97, the company announced today.
Zable founded the firm in 1951 and led it to prominence in providing defense training products, mission support and transportation systems. The company's annual sales now total $1.28 billion . For all the military gear it produces, Cubic's most visible products to the public are fare collection equipment for mass transportation agencies.
Zable's son, Walter C. Zable, was appointed chairman by the board of directors, which also named William Boyle to be the company's interim president and CEO.
Th elder Zable had not been involved in managing his company for a few years, but he kept track of its major business units and went to the office every day until recently, according to U-T San Diego.
"Walter J. Zable has been a wonderful inspiration to Cubic Corporation and its family of companies and its more than 7,800 employees,'' Boyle said.
"He was also a generous and caring person who did a great deal for the community. He will be missed, but we remain resolved to maintain and expand Cubic's global presence as a tribute to our remarkable founder.''
A company statement said no changes were expected in its day-to-day operations.
No information on the cause of death was announced.