VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a
leading provider of aftermarket distribution and repair services,
announced today the appointment of Tarang Sharma to interim Chief
Financial Officer effective May 27, 2024. Mr. Sharma, VSE’s Vice
President, Controller and Corporate Development, succeeds Steve
Griffin, who is departing the Company to pursue an opportunity
outside of the Aerospace industry. VSE has initiated a search for a
CFO with the assistance of an executive search firm. Mr. Griffin
will remain with the Company through the end of May and then serve
as a consultant for a period of three months to ensure a smooth
transition of his responsibilities.
MANAGEMENT COMMENTARY
“Since joining VSE in late 2020, Steve has been a tremendous
asset to VSE and a trusted partner to me during the first phase of
our business transformation,” stated John Cuomo, President and CEO
of VSE Corporation. “Over the past four years, we have successfully
repositioned VSE as a leading aftermarket distributor and repair
provider and set the foundation for this business to capitalize on
the significant growth opportunities that lie ahead. I want to
thank Steve for his leadership, support, and significant
contributions and wish him and his family all the best as they
embark on a new chapter in a new city and new industry.”
“It has been a true privilege to work alongside John and the
rest of the talented team at VSE as we transformed VSE into a
world-class pure-play aftermarket solutions provider with a
strengthened financial profile,” said Steve Griffin. “As I depart
VSE for my next opportunity, I know that the company is
well-positioned for continued success. I am confident that Tarang
and the entire finance organization are well prepared to support
VSE’s next phase of growth, delivering for both customers and
shareholders.”
Mr. Cuomo continued, “As we remain steadfast in our commitment
to executing VSE’s strategic plan, I have full confidence in Tarang
and his ability to lead VSE’s financial operations on an interim
basis. Tarang joined VSE in 2015 and has been instrumental in all
aspects of our business transformation, including his work on
recent acquisitions and divestitures, establishing corporate and
financial foundations, and building out treasury and financial
planning and analysis organizations. His extensive corporate
knowledge, coupled with his significant experience in finance and
business operations, is pivotal as we continue to pursue our
long-term objectives.”
“At VSE, we benefit from a deep bench of talent and a strong
succession planning process across our organization. Earlier this
year, Michael Perlman, Vice President of Investor Relations and
Communications, assumed responsibility for the treasury
organization in addition to his investor relations
responsibilities. Our ability to transition work within the finance
organization to qualified personnel is critical to our success as
we continue to scale this business,” concluded Mr. Cuomo.
The Company will provide additional commentary on the fiscal
year 2024 update, along with first quarter results, during its
upcoming earnings call tomorrow, May 9, 2024.
About Tarang Sharma
Tarang Sharma joined VSE in 2015 and currently serves as VSE’s
Vice President, Controller and Corporate Development. During his
tenure, he has served in several leadership positions in the
finance organization, including Treasurer and Assistant Corporate
Controller. Before joining VSE, Mr. Sharma was a certified public
accountant with PwC. He holds a Master’s in Business Administration
from Cornell University and a Bachelor of Science and a Master of
Accountancy from the University of South Carolina.
About VSE Corporation
VSE is a leading provider of aftermarket distribution and repair
services. Operating through its two key segments, VSE significantly
enhances the productivity and longevity of its customers'
high-value, business-critical assets. The Aviation segment is a
leading provider of aftermarket parts distribution and maintenance,
repair, and overhaul ("MRO") services for components and engine
accessories to commercial, business, and general aviation
operators. The Fleet segment specializes in part distribution,
engineering solutions, and supply chain management services catered
to the medium and heavy-duty fleet market. For more detailed
information, please visit VSE's website at www.vsecorp.com.
FORWARD-LOOKING STATEMENTS
This document contains certain forward-looking statements. These
forward-looking statements, which are included in accordance with
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, may involve known and unknown risks,
uncertainties and other factors that may cause VSE’s actual results
and performance in future periods to be materially different from
any future results or performance suggested by the forward-looking
statements in this document. Although we believe the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, we can give no assurance that actual
results will not differ materially from these expectations.
“Forward-looking” statements, as such term is defined by the SEC in
its rules, regulations, and releases, represent our expectations or
beliefs, including, but not limited to, statements concerning the
plans, expectations, long-term goals and trends associated with the
appointment of the Interim CFO, as well as the expectations for
growth in our business. Without limiting the generality of the
foregoing, words such as “may,” “will,” “expect,” “believe,”
“anticipate,” “intend,” “forecast,” “seek,” “plan,” “predict,”
“project,” “could,” “estimate,” “might,” “continue,” “seeking” or
the negative or other variations thereof or comparable terminology
are intended to identify forward-looking statements. These
statements, by their nature, involve substantial risks and
uncertainties, certain of which are beyond our control, and actual
results may differ materially depending on a variety of important
factors, including, but not limited to, VSE’s ability to
successfully execute the management transition and attract and
retain key employees, as well as the factors identified in our
reports filed or expected to be filed with the SEC including our
Annual Report on Form 10-K for the year ended December 31, 2023.
All forward-looking statements made herein are qualified by these
cautionary statements and risk factors and there can be no
assurance that the actual results, events, or developments
referenced herein will occur or be realized. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which reflect management's analysis only as of the date hereof. We
undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results.
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INVESTOR CONTACT Michael Perlman VP, Investor Relations
& Treasury T: (954) 547-0480 investors@vsecorp.com
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