Teledyne Technologies Inc. has promoted the company’s chief operating officer, Al Pichelli, to president, the industrial conglomerate announced Wednesday.

Former President Robert Mehrabian will stay on with the company in his current roles as chairman and chief executive.

“Al Pichelli has been the chief operating officer of Teledyne for the past 2 ½ years,” said Mehrabian in a statement. “This is a well-deserved recognition of Al’s unwavering commitment to Teledyne for over 37 years, and his continuing successful leadership and contributions to Teledyne’s recent transformation.”

Teledyne is headquartered in Thousand Oaks and develops technologies ranging from digital imaging software to aerospace electronics.

It received high profile government contracts this year from the Kuwait Ministry of Public Works to oversee the country’s wastewater reclamation system and the U.S. Army Space and Missile Defense Command to provide missile defense modeling and simulation software. The U.S. contract was worth $45.7 million.

Shares of Teledyne (TDY) fell $1.57, or a fraction of a percent, to close at $193.39 Wednesday on the New York Stock Exchange.