AAR Appoints Michael D. Milligan Chief Financial Officer

July 10, 2017

WOOD DALE, Illinois, July 10, 2017 –AAR(NYSE: AIR) announced that Michael D. Milligan was appointed Chief Financial Officer effective September 1, 2017 at today’s quarterly Board of Directors meeting.

Milligan spent the last 16 years as Senior Vice President and Chief Financial Officer with NES Rental Holdings, Inc., a private equity-owned national supplier of equipment rental services to construction and industrial services companies.  He previously served 14 years at Pricewaterhouse Coopers, including time as a partner in the Transaction Services Group and the National Practice Leader for Industry Consolidations. After 30 years in financial positions, Milligan has significant finance and accounting expertise, as well as merger and acquisition experience, having led numerous transactions during his time at NES.

"Mike is a valuable addition to our senior management team," said David P. Storch, Chairman and Chief Executive Officer of AAR. "Given his track record of reducing operating costs, managing debt and completing acquisitions, he will be a key contributor to AAR’s future success and shareholder value.”

AAR’s long-time Chief Financial Officer Timothy J. Romenesko, who previously announced his plan to retire at year’s end, will work closely with Milligan as he transitions into his new role.

Milligan, 54, is a graduate of the University of South Florida and lives in Lake Forest, Illinois with his family.




About AAR

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include Parts Supply; OEM Solutions; Integrated Solutions; and Maintenance, Repair and Overhaul (MRO) Services. AAR’s Expeditionary Services include Mobility Systems operations. Additional information can be found at www.aarcorp.com.

Media contact: Daniela Pietsch, Vice President Corporate Marketing & Communications, at editor@aarcorp.com or +1 630-227-5100. 

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, including, but not limited to,statements regarding the agreement to establish The Module Factory,AAR’s estimate that it will manage the teardown, repair, marketing and sales of spare parts of FTAI’s CFM56 engine pool totaling over 200 engines and growing, AAR’s ability to leverage its extensive USM capabilities to offer CFM56 serviceable engine material to the global commercial aviation aftermarket, that the partnership positions AAR well to service the growing demand for USM on a leading engine platform as customers increasingly prioritize more cost-efficient solutions, and  the belief that serviceable engine products, combined with FTAI’s proprietary products and partnerships, completes its unique suite of CFM56 aftermarket offerings aimed at delivering the lowest cost per cycle solution to airline customers. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. 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, 2016. 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.