Chairman and Chief Executive Officer of AAR Corp. (NYSE: AIR), David P. Storch, 65, has announced his plan to retire as CEO after 39 years with the company effective May 31, 2018, the company said.
AAR President and Chief Operating Officer John M. Holmes was elected by the board of directors today at its regularly scheduled quarterly meeting to become CEO effective June 1, 2018. Storch will continue to lead the Board as its non-executive Chairman and work alongside Holmes on business strategy, talent development and industry relations.
Holmes joined AAR from investment banking 16 years ago as Director of Mergers and Acquisitions, became General Manager of AAR´s parts trading business in 2003, and progressively assumed responsibility for the other solutions that comprise Aviation Services — Integrated Supply Chain, OEM Aftermarket Solutions, Intelligent Solutions and MRO Services — culminating in becoming President and Chief Operating Officer of AAR on June 1, 2017.
AAR is a global aftermarket solutions company that employs more than 5,000 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR´s Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; and component repair. AAR´s Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions. More information can be found at www.aarcorp.com.