AAR Appoints Michael J. Sharp as Chief Financial Officer
September 29, 2015
WOOD DALE, Illinois, September 29, 2015 – AAR CORP. (NYSE: AIR), a leading global aftermarket solutions company that serves commercial aviation and government customers worldwide, today announced that Michael J. Sharp has been appointed to serve as the Company’s Chief Financial Officer, effective October 5, 2015. Mr. Sharp will replace John C. Fortson who is resigning and relocating to take a CFO position with a non-aviation company.
Mr. Sharp, 53, is a 19-year veteran of the Company and currently serves as its Vice President, Controller and Chief Accounting Officer. He also served as interim Chief Financial Officer of the Company from October 2012 to July 2013. Prior to joining the Company, Mr. Sharp worked in management positions with Kraft Foods and KPMG LLP.
"I am pleased to announce the appointment of Mike Sharp as our new CFO," said David P. Storch, Chairman of the Board, President and Chief Executive Officer of the Company. "Mike is an accomplished executive with significant financial, accounting and operational experience and a proven track record with the Company. I am confident in Mike’s ability to contribute in his new capacity to the successful execution of the Company’s business plan."
Mr. Fortson said, "I have been fortunate to have had the opportunity to work as a part of the AAR senior management team and am confident that the Company’s strategy and focus on best-in-class execution will lead to lasting shareholder value creation."
Mr. Storch stated, "We are grateful to John for his service to the Company, and we wish him the best in his future endeavors." Mr. Fortson served as CFO of the Company since July 2013.
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 email@example.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, 2015. 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.