Wesco Aircraft Announces Retirement of Randy J. Snyder as President and Chief Executive Officer; Board Names Hal Weinstein Interim Chief Executive Officer and Forms New Executive Committee
Resource from: Wesco Aircraft Likes:147
Dec 09,2014
December 08, 2014 08:00 AM Eastern Standard Time
VALENCIA, Calif.--(BUSINESS WIRE)--Wesco Aircraft Holdings, Inc. (NYSE: WAIR), a leading provider of comprehensive supply chain management services to the global aerospace industry, announced today that Randy J. Snyder is retiring from his role as president and chief executive officer. The board of directors has appointed Hal Weinstein as interim chief executive officer, effective immediately. Mr. Snyder will continue to serve as chairman of the board.
The board has begun its search for a permanent chief executive officer with assistance from a nationally recognized executive search agency. In addition, Wesco Aircraft’s board of directors announced the formation of a new executive committee under the direction of board member Adam J. Palmer. The committee will work closely with Mr. Weinstein and other members of senior management to steer the company’s strategic direction and operations during the transition.
Mr. Weinstein, who has decided to postpone his previously announced retirement to take on this interim role, most recently served as Executive Vice President – Sales and Marketing. In this position Mr. Weinstein was instrumental in the development of the company’s service offerings and long-term growth, overseeing Wesco Aircraft's worldwide sales and marketing operations and global marketing strategy. He joined Wesco Aircraft in 1983 as regional sales manager and led the company’s global sales and marketing efforts from 1988 until his decision to retire earlier this year.
Mr. Palmer said, “It is with great admiration and respect that the board thanks Randy for his leadership in building Wesco into the large and dynamic corporation that it is today. We are fortunate to have Randy’s ongoing guidance in his continuing role as chairman of the board. In Hal we have a proven and determined leader. He knows the company and the industry inside and out, and we are pleased that he has agreed to assume this interim role to guide the continued success of Wesco Aircraft. As part of this transition, the board will be intently focused on identifying the right leader to drive superior performance for our company going forward.”
“I look forward to continue working with our accomplished and capable executive team to deliver greater value to our customers and shareholders,” said Mr. Weinstein. “As Wesco Aircraft seeks to continue its solid growth trajectory, we also will place a greater focus on cost structure optimization, working capital improvements and capital allocation. I am pleased to step into this role to help build upon the foundation of our many strengths.”
Mr. Snyder said, “It has been a great privilege to help lead the growth and success of Wesco Aircraft over the past 37 years. I have concluded that now is the right time in my career to step back from a full time role and I do so with confidence in the underlying strengths we have built at Wesco Aircraft, in our competitive position, and in the commitment and talent of our 2,785 employees – for whose support and hard work I could not be more grateful. With Hal assuming the role of Interim CEO, I am confident Wesco Aircraft could not be in better hands. He is a hands-on leader with the management skills and day-to-day expertise needed during this transition.”
About Wesco Aircraft:
Wesco Aircraft is one of the world’s largest distributors and providers of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery and point-of-use inventory management. The company believes it offers one of the world’s broadest inventory of aerospace products, comprised of more than 575,000 active stock keeping units, including hardware, bearings, tools, electronic components, machined parts and chemicals. Wesco Aircraft has more than 2,700 employees across 83 locations in 19 countries.
(Wesco Aircraft)
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