To be a TransDigm shareholder, you need confidence in the company's ability to expand high-margin aftermarket revenues and capture value from the aerospace cycle. The recent appointment of Mike Lisman as President is unlikely to materially alter the key short-term catalyst, the anticipated rebound in OEM build rates, nor does it significantly reduce the primary risk: TransDigm's exposure to OEM production bottlenecks that have constrained recent growth and driven more cautious guidance.