AAR Appoints Timothy J. Romenesko as Vice Chairman and Chief Financial Officer
July 13, 2016
WOOD DALE, Illinois, July 13, 2016 – AAR CORP. (NYSE: AIR), a leading aviation aftermarket solutions company that serves commercial and government customers worldwide, today announced that Timothy J. Romenesko has been appointed to serve as the Company’s Vice Chairman and Chief Financial Officer, effective August 1, 2016. Romenesko will replace Michael J. Sharp, who is retiring from AAR after 20 years with the Company.
Romenesko, 59, is a 35-year veteran of the Company and currently serves as its Vice Chairman and Chief Operating Officer, Expeditionary Services. He previously served as President and Chief Operating Officer from 2007 to 2015. Before that he was Chief Financial Officer of the Company from 1994 to 2007. Romenesko joined AAR in 1981 and worked in financial roles at both AAR’s business units and corporate.
"I am pleased to announce that Tim Romenesko will serve once again as AAR’s CFO," said David P. Storch, Chairman of the Board, President and Chief Executive Officer of AAR. "Tim’s experience and knowledge of AAR make him the right person to drive efficiencies and improve return on capital throughout the Company. He will also continue his role of focusing on strategic growth and ensuring an environment of strong compliance and control.” Storch added, “We are grateful to Mike for his service to the Company and wish him the best in his future endeavors.”
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 firstname.lastname@example.org 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.