AAR Chairman & CEO David P. Storch Named Ernst & Young Entrepreneur of the Year®
Award recognizes outstanding leadership and entrepreneurial excellence
CHICAGO, June 22, 2012 /PRNewswire/ -- AAR, a leading provider of products and services to the worldwide aviation and defense industries, announced today that David P. Storch, Chairman and Chief Executive Officer, received the Ernst & Young Entrepreneur of the Year 2012 Midwest Award in the Master Entrepreneur category.
"The award recognizes outstanding entrepreneurs who demonstrate excellence and extraordinary success in areas such as innovation, financial performance and personal commitment to their businesses and communities. Mr. Storch was selected by an independent panel of judges, and we were honored to recognize him at our June 21, 2012 gala event," said Randall L. Tavierne, Ernst & Young Entrepreneur of the Year Program Director.
AAR was incorporated in 1955. Storch became the Company's second CEO in 1996 and, since then, has grown sales 309%. Guided by his entrepreneurial vision, AAR embraced a long-term strategy to diversify the business, expand its presence and become a more integral part of its customers' value chains. As Storch explains, "Over the years, AAR demonstrated the ability to turn adversity into opportunity, each time emerging a smarter, stronger and more competitive organization. I attribute this to a sharp focus on innovation and execution and the outstanding team that makes it happen every day."
Storch serves on the boards of the Chicago Urban League, The Executives' Club of Chicago, KapStone Paper and Packaging Corporation, Kemper Corporation, The United States Navy Memorial Foundation, The Wings Club and World Business Chicago. He is currently a member of the Economic Club of Chicago and the World Presidents' Organization and was the recipient of the Wright Brothers Memorial Award for contributions to the aviation industry in 2011.
AAR was recently named Aviation Parts Supplier of the Year, one of the top five providers of aircraft Maintenance, Repair and Overhaul (MRO) in the world and The Best MRO in the Americas in independent surveys of customers and industry professionals. The Company was also named one of Chicago Tribune's Top Workplaces, recognized as a G.I. Jobs Top 100 Military Employer and ranked one of the Top 100 Defense Contractors in the world.
As a Midwest region award winner, Storch is now eligible for consideration for the Ernst & Young Entrepreneur of the Year 2012 National Award.
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AAR is a leading provider of value added products and services to the worldwide aerospace and government/defense industries. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and government/defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Government and Defense Services. 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, 2011. 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.
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