- After less than three and a half years in the position
- Praise, thanks and good wishes for Corrado
- Joe Hete taking over
(exechange) — Wilmington, Ohio, November 7, 2023 — Rich Corrado, chief executive of Air Transport, leaves his position. As announced by Air Transport Services Group Inc. in a news release published on Monday, November 6, 2023, and in a regulatory filing published on Tuesday, November 7, 2023, Richard F. (Rich) Corrado has left his post as chief executive officer at the provider of cargo aircraft and transportation services, after less than three and a half years in the role, effective November 3, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Rich Corrado’s duties as CEO will be taken over by Joseph C. (Joe) Hete, most recently Chairman at Air Transport Services Group Inc.
“Accelerate our strategy”
Air Transport did not give an explicit reason for Rich Corrado’s departure from the CEO post. Randy Rademacher, Lead Independent Director, stated: “After careful consideration by the Board, we determined that Joe is the right leader to accelerate our strategy and capitalize on the long-term opportunities ahead.”
Precise information regarding Rich Corrado’s future plans was not immediately available.
“Leaving his role as CEO/position … ended”
Air Transport said: “Hete succeeds Rich Corrado, who is leaving his role as CEO of the Company, effective immediately.”
Air Transport further said: “Mr. Hete succeeds Richard F. Corrado whose position as Chief Executive Officer of the Company and its subsidiaries ended on November 3, 2023.”
Share price decline since November 2022
The announcement follows a decline in Air Transport Services Group Inc.’s share price of 30% since November 2022.
In the position of CEO since 2020
Rich Corrado became CEO of the Company in 2020.
Richard F. Corrado has served as the President and Chief Executive Officer of ATSG.
He has served as the Chief Executive Officer since May 2020 and as the President since September 2019.
He previously served as the Company’s Chief Operating Officer from September 2017 to September 2019, and the Company’s Chief Commercial Officer from April 2010 to September 2017.
He also served as the President of Cargo Aircraft Management Inc., a subsidiary of the Company, from April 2010 to January 2020; and as the President of Airborne Global Solutions, Inc., a subsidiary of the Company, from July 2010 to May 2019.
Prior to joining the Company, Corrado was the President of Transform Consulting Group from July 2006 through March 2010.
He was the Executive Vice President of Air Services and Business Development for DHL Express from September 2003 through June 2006, and the Senior Vice President of Marketing for Airborne Express from August 2000 through August 2003.
He holds a B.A. in Economics from Harvard University and an M.B.A. from Boston College.
No statement by Rich Corrado
In the release announcing his departure as CEO of Air Transport Services Group Inc., Rich Corrado received praise, thanks and good wishes.
The announcement of his departure as CEO does not include a statement by Rich Corrado.
Push-out Score for Rich Corrado’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Rich Corrado was pushed out or felt pressure to leave his position.
exechange reached out to Air Transport and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2023 ($).