- Push-out Score determined
- After almost 13 years in the position
- Accolades and praise for Hete
- Rich Corrado taking over
- Hete will remain as Chairman of the Board at ATSG
- Hete said 82 words
(exechange) — Wilmington, Ohio, February 24, 2020 — Joe Hete, chief executive of ATSG, leaves his position. As announced by Air Transport Services Group Inc. in a news release and in a regulatory filing published on Monday, February 24, 2020, Joseph C. (Joe) Hete leaves his post as chief executive officer at the aircraft leasing and air transport services company after almost 13 years in the role, effective May 7, 2020.
Joe Hete’s duties as CEO will be taken over by Rich (Rich) Corrado, currently president of Air Transport Services Group Inc.
No reason given
In the announcement, ATSG did not explicitly explain the reason for Joe Hete’s move.
Hete will remain as Chairman of the Board at ATSG
“Hete, 65, is expected to remain a member of ATSG’s Board of Directors and to be elected Chairman of the Board upon his retirement. Randy Rademacher, currently Chairman of the Board, is to become the Board’s independent Lead Director,” ATSG said.
“Retire”
ATSG said: “Joe Hete will retire as chief executive officer of the aircraft leasing and air transport services company, effective at ATSG’s next annual meeting of shareholders on May 7, 2020.”
ATSG further said: “On February 19, 2020, Mr. Hete notified the Board of Directors of the Company (the “Board”) that he will retire from his position as the Chief Executive Officer of the Company, effective upon the adjournment of the next Annual Stockholders’ Meeting (the “Annual Meeting”) currently scheduled for May 7, 2020 (the “Transition Date”). At that time, Mr. Hete will also cease to serve as an executive, officer or employee of any subsidiary or affiliate of the Company.”
Share price decline
The announcement follows a decline in Air Transport Services Group Inc.’s share price of 15% since January 2018.
Chaired by Randy Rademacher
Air Transport Services Group Inc. is chaired by Randy Rademacher.
Rademacher has served as the Chief Financial Officer for Reading Rock, Inc., a privately owned manufacturer and distributor of concrete products and other building materials, since 2008.
In the position of CEO since 2007
Joe Hete became CEO of the Company in 2007.
Joseph C. Hete serves as President and Chief Executive Officer of ATSG since October 2007 and Chief Executive Officer of its subsidiary, ABX Air, Inc. since August 2003.
He was the President of ABX Air, Inc. from January 2000 to February 2008 and the Chief Operating Officer of ABX Air, Inc. from January 2000 to August 2003.
From 1997 until January 2000, he held the position of Senior Vice President and Chief Operating Officer of ABX Air, Inc.
Hete served as Senior Vice President, Administration, of ABX Air, Inc. from 1991 to 1997, and Vice President, Administration, of ABX Air, Inc. from 1986 to 1991.
He joined ABX Air, Inc. in 1980.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to ATSG and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 9.2020 ($).