Outsiders have been brought in to lead a recovery at MD Helicopters. The appointments follow the recent acquisition of the Mesa, Ariz., company by New York financial firm Patriarch Partners. Robert Rene, previously CEO of Hilton Hotels division InnMedia, was named MD Helicopters’ CEO. Randy Kesterson, formerly executive v-p and COO of Curtiss-Wright Controls, was appointed COO.
Aviall of Dallas has teamed with Click Commerce to help it undertake collaborative commerce with its suppliers and customers. Aviall claims to be the world’s largest independent distributor of new aviation parts.
Aerospace Products International (API), a wholly owned subsidiary of First Aviation Services, has instituted a new program to enhance spares availability for Beechcraft owners, operators and maintenance providers. API, which provides distribution and supply chain services to the aviation industry, has purchased an inventory of Beech legacy spare parts to support all Beech models including the King Air, Baron and Bonanza.
The restructuring program that Quebec-based CAE has adopted to improve its financial position will not affect SimuFlite, Andrew Arnovitz, director of investor relations for CAE, told AIN. He emphasized, “SimuFlite accounts for about 50 percent of our overall CAE training revenues. The restructuring will in no way affect our SimuFlite customers.”
Are you back to full production yet?
At the time of our acquisition, we needed to restart the production line and reignite the supply chain. Six months later, we are on course to meet our production target for 2006 and will significantly increase it in 2007. Conservatively, I would anticipate full production with a renewed supply chain to be in full effect in 2008.
Under the direction of a new parent company, private investment firm Patriarch Partners, MD Helicopters has made more changes to its senior executive team. The company has named Peter Hokanson chief financial officer and acting CEO as the search for a permanent chief executive continues. Hokanson most recently served as vice president of business administration and information technology at Garrett Aviation.
In a statement released December 20, health and security assistance provider MedAire announced that its two largest shareholders have reached a letter agreement “outlining mutual goals and strategies relating to the direction and control of MedAire” that would effectively place control of the company in the hands of its largest competitor, International SOS (ISOS).
Anchorage, Alaska-based regional airline Era Aviation in late December filed for Chapter 11 bankruptcy protection after its main source of capital decided to restrict its funding in a dispute over cash-flow targets.
More detailed reporting of top executive compensation, including such perquisites as personal use of corporate aircraft, is the aim of new proposals from the Securities and Exchange Commission (SEC). One of the proposals would lower the threshold at which perks must be disclosed. Companies currently must reveal perks if the total aggregate value is more than $50,000, or 10 percent of total annual salary and bonus.
April 10 is the comment deadline for a Securities and Exchange Commission (SEC) proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft. One of the proposals would lower the threshold at which perks must be disclosed. Companies currently must reveal perks if the total aggregate value is more than $50,000, or 10 percent of the total annual salary and bonus.