Kitty Hawk Announces Leadership Transition Plan
24 Abril 2007 - 5:32PM
Business Wire
Kitty Hawk, Inc. (AMEX:KHK), the parent company of Kitty Hawk
Cargo, Inc., Kitty Hawk Ground, Inc. and Kitty Hawk Aircargo, Inc.,
today announced a leadership transition plan under which the next
era of the Company�s development will be launched. As part of the
plan, Robert W. Zoller, 60, President and CEO, will retire from
Kitty Hawk effective April 30 2007 while remaining a member of the
Board of Directors and becoming a consultant to the Company. Four
other members of the Company�s Board of Directors including Gerald
Gitner, Raymond Greer, Myron Kaplan and Laurie Shahon have resigned
from the Board. A two-member Executive Committee comprised of
current Board members Mel Keating and Joe Ruffolo will temporarily
assume Mr. Zoller�s responsibilities until a replacement is
appointed. The executive management team will continue in their
current positions and will report to the Executive Committee. Mr.
Keating, who joined the Kitty Hawk Board of Directors in March
2006, has been appointed Chairman of the Board, replacing Mr.
Gitner. Bryant Riley, a greater than 15 percent stockholder of
Kitty Hawk, and Alan Howe, Vice President of Strategic and Wireless
Business Development for Covad Communications, Inc. and recommended
by Lloyd Miller III, a greater than 23 percent stockholder of Kitty
Hawk have been appointed to the Board of Directors. The Board has
been reduced to five members from seven. �We look forward to
working with senior management to continue to build Kitty Hawk�s
scheduled North American expedited air and ground network, and to
increase its return to stockholders,� said Mr. Keating. �As we
transition the leadership of the organization, our goals are to
enhance its competitive position in the marketplace while
significantly improving the financial performance of its
operations. We believe that we have the existing management team
and financial resources in place to execute this strategy. In
addition, Joe and I are especially pleased that Bryant Riley and
Alan Howe have agreed to join the Board of Directors and play an
active role in the oversight of the Company. �At the same time,
Joe, Bryant and I would like to thank Bob Zoller for his visionary
leadership since 2002. Recently, Bob expressed a desire to cut back
on his day-to-day activities and our plan is enabling that
transition. We appreciate Bob�s willingness to be available to the
Executive Committee as well as the senior leadership team as we
move forward,� said Mr. Keating. �I look forward to working with
the board and management team at Kitty Hawk,� added Mr. Riley. �Our
new Board chairman, Mel Keating, brings significant relevant
experience to Kitty Hawk and our existing management team has
strong operational experience within the industry. With the new
financial resources in place, Kitty Hawk is poised to capitalize on
its unique position in the marketplace.� �We believe that the
leadership transition plan set into place will provide benefits to
all of our stakeholders,� added Mr. Miller. �We have a high degree
of confidence in the senior management team of Kitty Hawk and in
the Company�s strategy.� �With the implementation of Kitty Hawk�s
new internet-based cargo management technology platform, the Kitty
Hawk team will complete its previously planned re-engineering and
re-positioning of the Company�s products, services and
capabilities,� said Mr. Zoller. �I am confident in the abilities of
the team and believe now is an opportune time for a leadership
transition.� About Kitty Hawk, Inc. www.kittyhawkcompanies.com As a
recognized leader in customer service, Kitty Hawk is the premier
provider of guaranteed, mission-critical, overnight air, second
morning-air and expedited ground freight transportation to major
business centers, international freight gateways and surrounding
communities throughout North America, including, Alaska; Hawaii;
Toronto, Canada; and San Juan, Puerto Rico. Kitty Hawk's scheduled
freight network and award-winning guaranteed overnight air or
expedited ground products are ideal for heavy-weight (over 150
lbs.), high-value or high-security, special goods with unique
dimensions, perishables, animals and/or other shipments requiring
special handling. With more than 30 years experience in the
aviation and air freight industries, Kitty Hawk plays a key
connecting role in the global supply chain. Kitty Hawk serves the
logistics needs of more than 550 freight forwarders, integrated
carriers, domestic and international airlines and logistics
companies with its extensive integrated air and ground network,
fleet of Boeing 737-300SF and 727-200 cargo aircraft, as well as a
240,000 square-foot cargo warehouse, U.S. Customs clearance and
sort facility at its Fort Wayne, Indiana hub. In 2005, Kitty Hawk
became the North American launch customer for the fuel-efficient
and environmentally-friendly Boeing 737-300SF cargo aircraft. In
late 2005 Kitty Hawk launched its new coast-to-coast and
border-to-border expedited ground network reaching key business
centers throughout the U.S., Canada and Mexico. In early 2006 to
manage the growing demand for its high customer service ground
freight product Kitty Hawk formed Kitty Hawk Ground, Inc. In June
2006 Kitty Hawk Ground acquired and began integrating the majority
of the assets of 20-year-old Air Container Transport (ACT), the
dominant expedited airport-to-airport freight trucking company
operating from southwestern Canada to San Diego as well as
additional cities as far east as Texas and Illinois. Statement
under the Private Securities Litigation Reform Act: This report may
contain forward-looking statements that are intended to be subject
to the safe harbor protection provided by Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements relate to future events or future
financial and operating performance and involve known and unknown
risks and uncertainties that may cause actual results or
performance to be materially different from those indicated by any
forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "forecast,"
"may," "will," "could," "should," "expect," "intends," "plan,"
"believe," "potential" or other similar words indicating future
events or contingencies. Some of the things that could cause actual
results to differ from expectations are: economic conditions; the
impact of high fuel prices; our inability to successfully implement
and operate our expanded scheduled airport-to-airport expedited
ground freight network; failure of key suppliers and vendors to
perform; our inability to attract sufficient customers at
economical prices for our air network or ground network; unforeseen
increases in liquidity and working capital requirements related to
our air and ground network; potential competitive responses from
other operators of nationwide airport-to-airport ground freight
networks; the continued impact of terrorist attacks, global
instability and potential U.S. military involvement; the Company's
significant lease obligations and indebtedness; the competitive
environment and other trends in the Company's industry; changes in
laws and regulations; changes in the Company's operating costs
including fuel; changes in the Company's business plans; interest
rates and the availability of financing; limitations upon financial
and operating flexibility due to the terms of our revolving
facility; liability and other claims asserted against the Company;
labor disputes; the Company's ability to attract and retain
qualified personnel; and inflation. For a discussion of these and
other risk factors, see the Company's most recent Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission. All of the forward-looking
statements are qualified in their entirety by reference to the risk
factors discussed therein. These risk factors may not be
exhaustive. The Company operates in a continually changing business
environment, and new risk factors emerge from time to time.
Management cannot predict such new risk factors, nor can it assess
the impact, if any, of such new risk factors on the Company's
business or events described in any forward-looking statements. The
Company disclaims any obligation to publicly update or revise any
forward-looking statements after the date of this release to
conform them to actual results.
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