B/E Aerospace Announces Management Changes
December 13 2010 - 6:00AM
Business Wire
BE Aerospace, Inc. (Nasdaq: BEAV) (the “Company”), announced
today that Mr. Michael B. Baughan will resign as President and
Chief Operating Office of BE Aerospace, Inc. to actively pursue
other opportunities. The Company also announced today that Werner
Lieberherr, Senior Vice President and General Manager of the
Commercial Aircraft Segment, will be promoted to the position of
President and Chief Operating Officer of BE Aerospace, Inc.,
succeeding Mr. Baughan, effective as of December 31, 2010.
Amin J. Khoury, Chairman and Chief Executive Officer of BE
Aerospace, Inc., commented, “Mike Baughan joined the Company early
in the Company’s history. He steadily progressed through the
management ranks, serving as VP-Marketing of the Seating Products
Group, VP and General Manager of the Seating Products Group, SVP
and General Manager of the Commercial Aircraft Segment, before he
rose to his current position as President and Chief Operating
Officer. Throughout his career at the Company he has been a strong
and effective leader. While we respect his decision to actively
pursue opportunities outside the Company, we will miss Mike’s
leadership and drive to constantly improve our operations.”
Michael B. Baughan commented, “I have been fortunate to spend
much of my career at B/E Aerospace, I am extremely proud of the
mark I will be leaving on this dynamic growing company. Amin and
the other members of the senior management team have been terrific
to work with and have acted as wonderful partners as we worked
together to grow the Company. While I will miss the relationships I
have developed over the years, both inside and outside the Company,
I am excited about the opportunities in front of me as I enter this
next phase of my career. I would like to thank the Company, its
Board of Directors and the employees for the opportunities afforded
to me over the past sixteen years, and wish them all the best for
the future.”
Mr. Khoury concluded, “We are fortunate to have an ongoing and
highly effective succession planning process at our company. Werner
Lieberherr, who will succeed Mike as President and COO, has been an
extraordinarily effective and successful leader who has clearly
earned his promotion to the Presidency of the Company. Prior to
joining B/E Aerospace, Werner spent 15 years with ABB and Alstom
Power Inc., a $19 billion revenue public company, where he served
in various senior management positions in Europe, Asia and as
President North America. Werner joined B/E Aerospace in May 2006 as
Vice President and General Manager of the Commercial Aircraft
Segment. Under his leadership the Commercial Aircraft Segment has
substantially improved its operational effectiveness, competitive
position and standing with our customers. In addition, he has
successfully grown our market shares, improved product quality,
product support, customer satisfaction, and delivered outstanding
financial results. He is a highly effective leader and is well
respected internally and throughout the industry. We have every
expectation that Werner will continue to enhance the profitability
and growth of our business as we enter the industry up-turn, which
has now begun.”
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Such forward-looking statements involve risks and uncertainties.
The Company’s actual experience and results may differ materially
from the experience and results anticipated in such statements.
Factors that might cause such a difference include those discussed
in the Company’s filings with the Securities and Exchange
Commission, which include its Proxy Statement, Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K. For more information, see the section entitled
"Forward-Looking Statements" contained in the Company’s Annual
Report on 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, the Company does not intend to publicly update or
revise any forward-looking statements to reflect subsequent events
or circumstances.
About B/E Aerospace
B/E Aerospace is the world’s leading manufacturer of aircraft
cabin interior products and the world’s leading distributor of
aerospace fasteners and consumables. B/E Aerospace designs,
develops and manufactures a broad range of products for both
commercial aircraft and business jets. B/E Aerospace manufactured
products include aircraft cabin 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 approximately
50 percent of sales. B/E Aerospace sells and supports its products
through its own global direct sales and product support
organization.
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