Holmes to become chairman upon Storch retirement from AAR board
July 20 2022 - 8:00AM
AAR CORP. (NYSE: AIR), a leading provider of aviation services to
commercial and government operators, MROs, and OEMs, today
announced that its Chairman, David P. Storch, will retire from its
Board of Directors effective January 10, 2023. The Board of
Directors has appointed John M. Holmes, President and CEO of AAR
CORP., as Chairman of the Board effective upon Storch’s retirement
and subject to Mr. Holmes’ reappointment to the Board following the
2022 annual meeting.
Storch, the second of the Company’s only three CEOs, has served
as a member of the Board since 1989 and as Chairman of the Board of
AAR since 2005. He retired as Chief Executive Officer in 2018.
Under Storch’s leadership, the Company grew to the leading
independent provider of aviation services globally. Mr. Storch
instilled a culture of integrity, quality, innovation, execution,
customer focus, and entrepreneurship. These core values serve as a
lasting foundation for the continued success and growth of AAR.
Mr. Storch hired Mr. Holmes in 2001 as Director of Mergers and
Acquisitions. In 2003, Holmes moved into operations becoming
General Manager of AAR’s Parts Supply business and progressively
assumed responsibility of other businesses before being appointed
as President and Chief Operating Officer in 2017. In 2018, he was
named President and Chief Executive Officer of AAR, the third since
the company’s founding in 1955. As Chairman, Holmes will focus on
strategies to drive continued growth while maintaining the
Company’s strong culture and core values.
Additional information and where to find itThe foregoing
is not a proxy statement or a solicitation of proxies from the
holders of common stock of the Company. A solicitation of proxies
in connection with the 2022 Annual Meeting will be made only by the
Company’s definitive proxy statement that will be sent to all
shareholders of record on the record date of July 28, 2022. The
Company will be filing a definitive proxy statement for the annual
meeting with the Securities and Exchange Commission (the “SEC”).
Stockholders are urged to read the proxy statement and any other
relevant documents filed or that will be filed with the SEC when
they become available because they will contain important
information. Stockholders will be able to receive the proxy
statement and other relevant documents free of charge at the SEC’s
website at http://www.sec.gov or through the Company’s own website
at http://www.aarcorp.com.
Participants in the solicitationThe directors, nominees
for election as director, executive officers, and certain other
members of management and employees of the Company may be deemed
“participants” in the solicitation of proxies from shareholders of
the Company in connection with the matters to be considered at the
2022 Annual Meeting. Information regarding the persons who may,
under the rules of the SEC, be considered participants in the
solicitation of the shareholders of the Company in connection with
such matters will be set forth in the proxy statement to be filed
with the SEC. In addition, information about the Company’s
executive officers and directors may be found in the Company’s
Annual Report on Form 10-K for the fiscal year ended May 31, 2021
and in its definitive proxy statement filed with the SEC on August
18, 2021.
About AARAAR 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. Additional information can be
found at aarcorp.com.
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
which reflect management’s expectations about future conditions.
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. For
a discussion of these and other risks and uncertainties, refer to
“Risk Factors” in our most recent Annual Report on Form 10-K and
subsequent Quarterly Reports on Form 10-Q. 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. |
Media Team
AAR CORP.
+1-630-227-5100
editor@aarcorp.com
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