Wesco Aircraft Holdings Announces Retirement of Chief Financial Officer
November 20 2014 - 4:07PM
Business Wire
Wesco Aircraft Holdings, Inc. (NYSE: WAIR), a leading provider
of comprehensive supply chain management services to the global
aerospace industry, today announced that Gregory A. Hann, executive
vice president and chief financial officer, has informed the
company’s board of directors of his intention to retire, effective
March 31, 2015.
To ensure an orderly transition, Mr. Hann will continue to serve
as Wesco Aircraft’s chief financial officer until a replacement can
be found, and will remain an employee of the company until March
31, 2015. Thereafter, Mr. Hann will serve as a consultant to the
company for one year. Wesco Aircraft has retained a leading
executive search firm to conduct a nationwide search to assist with
the placement of a new chief financial officer.
Mr. Hann has served as executive vice president and chief
financial officer since joining Wesco Aircraft in 2009. During his
tenure as chief financial officer, net sales more than doubled to
$1.4 billion. Wesco Aircraft also completed the acquisition of Haas
Group in fiscal 2014, the largest acquisition in the company’s
history.
Randy Snyder, chairman and chief executive officer, said, “On
behalf of the board and myself, I want to thank Greg for his years
of outstanding service to Wesco Aircraft. He has provided financial
leadership through our initial public offering, several debt
refinancing transactions and strategic acquisitions, including our
recent acquisition of Haas Group. Greg has been a valuable member
of the Wesco Aircraft leadership team and leaves the company in a
strong financial position. We wish Greg and his family all the best
as he transitions into retirement.”
About Wesco Aircraft
Wesco Aircraft is one of the world’s largest distributors and
providers of comprehensive supply chain management services to the
global aerospace industry. The company’s services range from
traditional distribution to the management of supplier
relationships, quality assurance, kitting, just-in-time delivery
and point-of-use inventory management. The company believes it
offers one of the world’s broadest inventory of aerospace products,
comprised of more than 575,000 active stock keeping units,
including hardware, bearings, tools, electronic components,
machined parts and chemicals. Wesco Aircraft has more than 2,700
employees across 83 locations in 19 countries.
To learn more about Wesco Aircraft, visit our website at
www.wescoair.com. Follow Wesco Aircraft on LinkedIn at
https://www.linkedin.com/company/wesco-aircraft-corp.
Forward-Looking Statements
This press release contains forward-looking statements
(including within the meaning of the Private Securities Litigation
Reform Act of 1995) concerning Wesco Aircraft Holdings,
Inc. These statements may discuss goals, intentions and
expectations as to future plans, trends, events, results of
operations or financial condition, or otherwise, based on current
beliefs of management, as well as assumptions made by, and
information currently available to, management. In some cases,
readers can identify forward-looking statements by the use of
forward-looking terms such as “aim,” “anticipate,” “believe,”
“plan,” “could,” “would,” “should,” “estimate,” “expect,”
“forecast,” “future,” “guidance,” “intend,” “may,” “will,”
“possible,” “potential,” “predict,” “project” or similar words,
phrases or expressions. These forward-looking statements are
subject to various risks and uncertainties, many of which are
outside the company’s control. Therefore, readers should not
place undue reliance on such statements.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include: general
economic and industry conditions; conditions in the credit markets;
changes in military spending; risks unique to suppliers of
equipment and services to the U.S. government; risks associated
with the company’s long-term, fixed-price agreements that have no
guarantee of future sales volumes; risks associated with the loss
of significant customers, a material reduction in purchase orders
by significant customers or the delay, scaling back or elimination
of significant programs on which the company relies; the company’s
ability to effectively manage its inventory; the company’s ability
to successfully integrate the acquired business of Haas Group Inc.
in a timely fashion; failure to realize anticipated benefits of the
combined operations; risks relating to unanticipated costs of
integration; risks associated with the company’s rapid expansion;
the company’s suppliers’ ability to provide it with the products
the company sells in a timely manner, in adequate quantities and/or
at a reasonable cost; the company’s ability to maintain effective
information technology systems; the company’s ability to retain key
personnel; risks associated with the company’s international
operations; fluctuations in the company’s financial results from
period-to-period; risks associated with assumptions the company
makes in connection with its critical accounting estimates and
legal proceedings; the company’s ability to effectively compete in
its industry; environmental risks; risks related to the handling,
transportation and storage of chemical products; the company’s
dependence on third-party package delivery companies; risks related
to the aerospace industry and the regulation thereof; risks related
to the company’s indebtedness; and other risks and
uncertainties.
The foregoing list of factors is not exhaustive. The reader
should carefully consider the foregoing factors and the other risks
and uncertainties that affect the company’s business, including
those described in Wesco Aircraft’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
other documents filed from time to time with the Securities and
Exchange Commission. All forward-looking statements included
in this news release (including information included or
incorporated by reference herein) are based upon information
available to the company as of the date hereof, and the company
undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Wesco Aircraft Holdings, Inc.Jeff MisakianVice President,
Investor Relations661-362-6847Jeff.Misakian@wescoair.com
Wesco Aircraft (NYSE:WAIR)
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