AAR CFO Timothy J. Romenesko Announces Plans to Retire After 36 Years of Service
April 18, 2017
WOOD DALE, Illinois, April 18, 2017 - Long-time Chief Financial Officer and Vice Chairman of AAR Corp. (NYSE: AIR), Timothy J. Romenesko, announced that he will retire effective December 31, 2017.
“We are grateful to Tim for his 36 years of service and the key role in helping AAR become the industry leader we are today,” said David P. Storch, Chairman, President and CEO of AAR. “I have enjoyed working side-by-side with Tim over the span of his career. He has been a great business partner, lending a steady hand to AAR’s finances and accounting and playing an integral role in AAR being recognized by Forbes magazine twice as one of the Most Trustworthy Companies in America. Tim has built a solid financial organization and will leave a strong legacy of compliance, accountability and Doing It Right. We wish him well in his retirement and know he will be missed.”
Romenesko joined AAR in 1981 and performed various financial roles for several AAR operating units before being named Corporate Controller in 1991 and serving as CFO and Treasurer from 1994 to 2006. From 2007 to 2015, he was AAR’s President and Chief Operating Officer. Before returning to the role of CFO in 2016, Romenesko was Vice Chairman and Chief Operating Officer of the Expeditionary Services segment.
AAR is commencing a search for a new CFO to replace Romenesko.
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, 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.