WOOD DALE, Ill., Jan. 9, 2018 /PRNewswire/ -- Chairman and Chief
Executive Officer of AAR Corp. (NYSE: AIR), David P. Storch, 65, announced today his plan to
retire as CEO after 39 years with the Company effective
May 31, 2018. AAR President and
Chief Operating Officer John M.
Holmes was elected by the Board of Directors today at its
regularly scheduled quarterly meeting to become CEO effective
June 1, 2018. Storch will
continue to lead the Board as its non-executive Chairman and work
alongside Holmes on business strategy, talent development and
industry relations.
"David's entrepreneurial spirit and leadership helped AAR to
stay one step ahead during his 39 years at the Company. He not only
had a vision but also the ability to rally AAR employees around his
vision to take AAR to the next level," said AAR Board Member and
Lead Director James Goodwin.
"The Board believes John has the experience to be the next leader,
having learned every aspect of the business on his way up the
ranks. The succession planning the Board conducted, under David's
leadership, will allow for a smooth transition and continued
success for the Company under John."
"The Board and I have tremendous confidence in John's ability to
take AAR to new heights," said Storch. "Since joining the Company
in 2001, John has successfully navigated the peaks and valleys of
the aviation industry. He has been a key leader in AAR's
progress toward becoming the best provider of aviation services
worldwide, consistently producing superior growth rates across the
businesses."
Holmes joined AAR from investment banking 16 years ago as
Director of Mergers and Acquisitions, became General Manager of
AAR's parts trading business in 2003, and progressively assumed
responsibility for the other solutions that comprise Aviation
Services – Integrated Supply Chain, OEM Aftermarket Solutions,
Intelligent Solutions and MRO Services – culminating in becoming
President and Chief Operating Officer of AAR on June 1, 2017.
"During his tenure at AAR, John has exhibited strong leadership
skills, the vision to identify new markets for growth, and the
ability to build a strong team around him," said Storch. "Further,
I have been grooming John for this day for the last few years, and
the Board and I have been very impressed with his growth as a
leader. We know he is ready for this next step."
"David has been a wonderful mentor since the day he hired me
over 16 years ago," said Holmes. "This is truly an honor, and I am
grateful to the Board and humbled by the opportunity to continue
the strong leadership that David has provided for the last few
decades."
"We are well into the transformation of AAR, with more actions
coming to better serve the needs of commercial and government
customers worldwide," said Storch. "I am proud of our upward
trajectory and fully confident in the ability of John and our team
to execute on our aspiration to be the best aviation services
company in the world. I look forward to continuing to work closely
with and mentor John as he assumes his new position."
About AAR
AAR is a global aftermarket solutions
company that employs more than 5,000 people in over 20 countries.
Based in Wood Dale, Illinois, AAR
supports commercial aviation and government customers through two
operating segments: Aviation Services and Expeditionary Services.
AAR's Aviation Services include inventory management; parts supply;
OEM parts distribution; aircraft maintenance, repair and overhaul;
and component repair. AAR's Expeditionary Services include airlift
operations; mobility systems; and command and control centers in
support of military and humanitarian missions. More information can
be found at www.aarcorp.com.
This press release
contains certain statements relating to future results, which are
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on beliefs of Company management, as well as
assumptions and estimates based on information currently available
to the Company, and are subject to certain risks and uncertainties
that could cause actual results to differ materially from
historical results or those anticipated, including those factors
discussed under Item 1A, entitled "Risk Factors", included in the
Company's Form 10-K for the fiscal year ended May 31, 2017. Should
one or more of these risks or uncertainties materialize adversely,
or should underlying assumptions or estimates prove incorrect,
actual results may vary materially from those described.
These events and uncertainties are difficult or impossible to
predict accurately and many are beyond the Company's control.
The Company assumes no obligation to update any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events. For additional information, see the comments
included in AAR's filings with the Securities and Exchange
Commission.
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SOURCE AAR