Wilmerding-based rail company Wabtec announced today that chief financial officer and executive vice president Alvaro Garcia-Tunon will retire effective Jan. 1.<br /><br />He will be succeeded by corporate controller and senior vice president Patrick D. Dugan.<br /><br />Mr. Garcia-Tunon, 61, joined Wabtec in 1995, and was appointed CFO in 2003. He will remain with the company as a strategic adviser.<br /><br />Mr. Dugan joined the company in 2003.<br /><br />Albert J. Neupaver, Wabtec's chairman and CEO, said in a prepared statement that during Mr. Garcia-Tunon's tenure Wabtec had experienced unprecedented growth.<br /><br />""As a result, our stock price has appreciated each year in that period, increasing by more than a factor of 10,"" Mr. Neupaver said in the statement. ""We're pleased Alvaro will continue to be involved to ensure a smooth transition, and to provide expertise and counsel on a variety of strategic opportunities. ""<br /><br />Wabtec reported third quarter earnings of $73.9 million, or 76 cents per share, on Oct. 24, a 17 percent increase from the third quarter of 2012.