Robert J. Khoury to Retire; Michael B. Baughan to Be Promoted to the Position of President and Chief Operating Officer
November 08 2005 - 4:15PM
Business Wire
B/E Aerospace, Inc. (Nasdaq:BEAV), the world's leading manufacturer
of aircraft cabin interior products and a leading aftermarket
distributor of aerospace fasteners, today announced that Robert J.
Khoury, currently President and Chief Executive Officer, will
retire effective December 31, 2005. He will remain on the Board of
Directors and will become a part time consultant to the company.
"As co-founder of the company, Bob has contributed significantly
over the last 18 years in developing B/E Aerospace into the
industry leader in cabin interior products. The entire board and
management team express sincere gratitude for Bob's successful
efforts and contributions. Bob will continue to be a member of
B/E's Board of Directors and will be actively engaged in a number
of specific projects, on a part time basis, as a consultant to the
company after his retirement," said Amin J. Khoury, Chairman of the
Board. Reflecting on his career at B/E Aerospace, Robert J. Khoury
said, "During my 18 years at B/E, we successfully developed the
best global franchise in the cabin interior products industry. Over
the past several years we've developed that franchise into a
superior company. I'm proud of our accomplishments but I now look
forward to spending more time with my wife and family. In my
capacities of board member and consultant, I plan to continue to
contribute to the company's profitable growth on an as needed
basis." Separately, the company announced that Michael B. Baughan,
Senior Vice President and General Manager, Commercial Aircraft
Segment, will be promoted to President and Chief Operating Officer.
Mr. Baughan joined the company in 1994 as Vice President, Sales and
Marketing for B/E's Seating Products Group, and was promoted to
Seating Division Vice President and General Manager in May 1999. In
July 2002, Mr. Baughan was again promoted to Senior Vice President
and General Manager of the Commercial Aircraft Segment, which is
the company's largest segment, accounting for 65% of total
revenues. Mr. Baughan has a Bachelor of Arts degree from the
University of Virginia and a Masters of Business Administration
from Harvard Business School. "Mike's development over the past 11
years reflects not only Mike's hard work and successful
contributions but also the company's leadership development and
succession planning programs. Mike has demonstrated consistent
leadership and outstanding general management skills during his 11
year tenure with the company, and we are confident that he is ready
for his new assignment," said Amin J. Khoury. Amin J. Khoury,
founder of the company in 1987 and currently executive chairman,
will assume the additional role of Chief Executive Officer. The
changes will be effective December 31, 2005. This news release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements involve risks
and uncertainties. B/E's actual experience may differ materially
from that anticipated in such statements. Factors that might cause
such a difference include those discussed in B/E's filings with the
Securities and Exchange Commission, including but not limited to
its most recent proxy statement, Form 10-K and Form 10-Q. For more
information, see the section entitled "Forward-Looking Statements"
contained in B/E's Form 10-K and in other filings. The
forward-looking statements included in this news release are made
only as of the date of this news release and, except as required by
federal securities laws, we do not have any obligation to publicly
update or revise any forward-looking statements to reflect
subsequent events or circumstances. About B/E Aerospace, Inc. B/E
Aerospace, Inc. is the world's leading manufacturer of aircraft
cabin interior products, and a leading aftermarket distributor of
aerospace fasteners. B/E designs, develops and manufactures a broad
range of products for both commercial aircraft and business jets.
B/E manufactured products include seating, lighting, oxygen, and
food and beverage preparation and storage equipment. The Company
also provides cabin interior design, reconfiguration and
passenger-to-freighter conversion services. Products for the
existing aircraft fleet -- the aftermarket -- generate about 60
percent of sales. B/E sells its products through its own global
direct sales organization. For more information, visit B/E's
website at http://www.beaerospace.com.
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