WOOD DALE, Ill., April 18, 2017 /PRNewswire/ -- Long-time Chief Financial Officer and Vice Chairman of AAR Corp. (NYSE: AIR), Timothy J. Romenesko, announced that he will retire effective December 31, 2017.
"We are grateful to Tim for his 36 years of service and the key role in helping AAR become the industry leader we are today," said David P. Storch, Chairman, President and CEO of AAR. "I have enjoyed working side-by-side with Tim over the span of his career. He has been a great business partner, lending a steady hand to AAR's finances and accounting and playing an integral role in AAR being recognized by Forbes magazine twice as one of the Most Trustworthy Companies in America. Tim has built a solid financial organization and will leave a strong legacy of compliance, accountability and Doing It Right. We wish him well in his retirement and know he will be missed."
Romenesko joined AAR in 1981 and performed various financial roles for several AAR operating units before being named Corporate Controller in 1991 and serving as CFO and Treasurer from 1994 to 2006. From 2007 to 2015, he was AAR's President and Chief Operating Officer. Before returning to the role of CFO in 2016, Romenesko was Vice Chairman and Chief Operating Officer of the Expeditionary Services segment.
AAR is commencing a search for a new CFO to replace Romenesko.
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.
This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled "Risk Factors", included in the Company's Form 10-K for the fiscal year ended May 31, 2016. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.