- After almost 22 years in the position
- Praise for Storch
- Storch will remain as non-executive Chairman at AAR
- Storch spoke at length and said 201 words
(exechange) — Wood Dale, Illinois, January 9, 2018 — David Storch, chief executive of AAR, hands over the reins. As announced by AAR Corp. in a news release and in a regulatory filing published on Tuesday, January 9, 2018, David P. Storch leaves his post as Chief Executive Officer at the aviation company after almost 22 years in the position, effective May 31, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9 years, according to data compiled by exechange. Only 9 percent of the CEOs who departed over the past twelve months left the position after more than 20 years.
Storch’s duties will be taken over by John Holmes, currently President and Chief Operating Officer at AAR Corp.
It is a generational change as well. John Holmes is about 25 years younger than David Storch.
“Smooth transition and continued success”
Storch’s departure from the CEO post is explained as follows. AAR said: “The succession planning the Board conducted, under David’s leadership, will allow for a smooth transition and continued success for the Company under John.”
Storch will remain as non-executive Chairman at AAR
“Storch will continue to lead the Board as its non-executive Chairman and work alongside Holmes on business strategy, talent development and industry relations,” AAR said.
AAR said: “Chairman and Chief Executive Officer of AAR Corp. …, David P. Storch, 65, announced today his plan to retire as CEO after 39 years with the Company effective May 31, 2018.”
AAR further said: “On January 9, 2018, AAR CORP. … announced that, after 39 years with AAR, David P. Storch will retire as Chief Executive Officer of AAR at the end of AAR’s fiscal year on May 31, 2018.”
Share price rise since February 2016
The change follows a rise in the share price of AAR Corp. since February 2016.
In the position of CEO since 1996
David P. Storch has been the Chief Executive Officer of AAR Corp. since October 9, 1996.
David P. Storch is Chairman of the Board and Chief Executive Officer of AAR, a leading provider of aviation services for commercial and government customers in more than 100 countries.
Storch joined AAR in 1979 with responsibility for developing the Company’s aircraft engine business.
Through his leadership and industry expertise the business flourished and, in 1987, Storch was named President of the AAR Trading Group.
He became President and Chief Operating Officer in 1989 and, in 1996, he assumed the additional role of Chief Executive Officer, the second since the Company was incorporated in 1955.
Storch was named to the additional post of Chairman of AAR in October 2005 and under his leadership, AAR was named twice One of America’s Most Trusted Companies by Forbes magazine.
Storch was also named an Ernst & Young Entrepreneur of the Year in 2012.
Storch serves on the boards of the publicly held companies Kemper Corporation and KapStone Paper and Packaging Corporation.
He also serves on the board of the Smithsonian National Air & Space Museum.
He is currently a member of the Commercial Club of Chicago and the Economic Club of Chicago.
Storch holds a Bachelor of Arts Degree from Ithaca College.
Read the full story in the exechange report 3.2018 ($).