Air Transport Services Group, Inc. (NASDAQ: ATSG), the global
leader in medium wide-body freighter aircraft leasing, air
operations, and support services, today announced that its Board of
Directors has appointed Joe Hete, current Chairman of the Board and
the Company’s former longtime Chief Executive Officer, as ATSG’s
CEO, effective immediately. Hete succeeds Rich Corrado, who is
leaving his role as CEO of the Company, effective immediately. Hete
will continue as Chairman of the Board.
Hete is a well-known, highly respected pioneer in the global air
freight industry and brings approximately 40 years of leadership
experience in the space. He previously served as CEO of ATSG from
2003 to 2020, and has been a member of ATSG’s Board since 2003.
Prior to that, he held various senior management roles at ABX Air,
Inc.
Randy Rademacher, Lead Independent Director, said, “After
careful consideration by the Board, we determined that Joe is the
right leader to accelerate our strategy and capitalize on the
long-term opportunities ahead. As Chairman for the past three years
and having previously served as CEO of ATSG for 17 years, Joe has
extensive knowledge of our business and its competitive position
within the industry. He is uniquely qualified to step into this
role to optimize our current performance and position ATSG for the
future. Under Joe’s leadership, we believe the Company will be
well-positioned to continue building on its strong foundation,
solidifying its market-leading position, and working to deliver
meaningful value for our shareholders.”
Hete said, “ATSG has always proven itself to be a very resilient
business, and I am both honored and energized to be returning to
the role of CEO. With our strong balance sheet, differentiated
business model, diverse customer base and unique competitive
position, we believe we are poised to create value for our
stakeholders as the world’s premier freighter lessor. I look
forward to working closely with our talented management team to
drive ATSG’s strategic priorities forward and continue delivering
best-in-class transportation solutions for our air carriers,
e-commerce leaders, government agencies and other stakeholders
globally.”
Rademacher continued, “On behalf of the entire Board, I thank
Rich for his contributions and for leading the Company through an
incredibly dynamic time in our industry. We wish him the best in
his future endeavors.”
Third Quarter 2023 Financial Results
In a separate press release today, ATSG will report its third
quarter 2023 financial results. The Company will host an investor
conference call tomorrow at 10:00 a.m. Eastern Time.
Hete will be joined by Quint Turner, Chief Financial Officer,
and Mike Berger, President, to discuss the quarterly results.
Conference call participants must register in advance via a link
in the Events & Presentations section of ATSG’s website,
www.atsginc.com. Slides that accompany management’s discussion may
be accessed from the site shortly before the start of the call.
About ATSG
ATSG is a leading provider of aircraft leasing and cargo and
passenger air transportation and related services to domestic and
foreign air carriers and other companies that outsource their cargo
and passenger airlift requirements. ATSG, through its leasing and
airline subsidiaries, is the world's largest owner and operator of
converted Boeing 767 freighter aircraft. Through its principal
subsidiaries, including three airlines with separate and distinct
U.S. FAA Part 121 Air Carrier certificates, ATSG provides aircraft
leasing, air cargo lift, passenger ACMI and charter services,
aircraft maintenance services and airport ground services. ATSG's
subsidiaries include ABX Air, Inc.; Airborne Global Solutions,
Inc.; Airborne Maintenance and Engineering Services, Inc.,
including its subsidiary, Pemco World Air Services, Inc.; Air
Transport International, Inc.; Cargo Aircraft Management, Inc.; and
Omni Air International, LLC. For more information, please see
www.atsginc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” as that
term is used in the Private Securities Litigation Reform Act of
1995. A reader can identify forward-looking statements because they
are not limited to historical fact, they address future events,
developments or results, or they are preceded by, followed by or
include words such as (and without limitation) “believe,”
“anticipate,“ plan,” “expect,” “opportunities,” “continue” or “look
forward,” and similar expressions. Any statements contained in this
press release that are not statements of historical fact may be
deemed to be forward-looking statements, including without
limitation statements concerning our plans and expectations in
connection with the transition of CEO leadership, future
performance and results, and other plans and expectations.
Forward-looking statements are subject to risks, uncertainties
and other factors that may cause actual results to differ
materially from those stated in or implied by the forward-looking
statements. All forward-looking statements should be evaluated in
the context of such risks, uncertainties and other factors,
including those factors disclosed under “Risk Factors” in the
Company’s Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the “SEC”) on March 1, 2023. All
forward-looking statements are qualified in their entirety by these
and other cautionary statements that ATSG makes from time to time
in its SEC filings and public communications. ATSG cannot assure
the reader that it will realize the results or developments ATSG
anticipates or, even if substantially realized, that they will
result in the consequences or affect ATSG or its operations in the
way ATSG expects. Forward-looking statements speak only as of the
date made. ATSG undertakes no obligation, and specifically
disclaims any duty, to update or revise any forward-looking
statements as a result of new information, future events or
circumstances, or otherwise, except as otherwise required by law.
As a result of these risks and uncertainties, readers are cautioned
not to place undue reliance on any forward-looking statements
included herein or that may be made elsewhere from time to time by,
or on behalf of, ATSG.
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version on businesswire.com: https://www.businesswire.com/news/home/20231106050544/en/
Quint O. Turner, ATSG Inc. Chief Financial Officer
937-366-2303
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