Joe Kolshak, former United Airlines and Delta Air Lines executive, joins
Aveos as new President & CEO.
MONTREAL, April 27 /CNW Telbec/ - Aveos announced today that Joe
Kolshak, a seasoned veteran from the airline industry, is joining Aveos
as President & CEO.
Joe Kolshak has over 20 years experience in the airline industry, having
held senior positions in operations at both United Airlines and Delta
Airlines. At United Airlines, he successfully turned around the
airline's operational performance and maintenance unit and was
responsible for all aspects of flight operations, aircraft maintenance,
airport operations, operations control and emergency management.
Previously, he was at Delta Airlines as Executive Vice President of
Operations, responsible for the airline's domestic and international
operations. Eugene Davis, Chairman of the Aveos Board of Directors,
highlighted that "Mr. Kolshak's leadership combined with his broad
experience, strategic and operational capabilities and extensive
knowledge of airline and MRO operations will help propel Aveos to a new
growth phase and take advantage of a recovering industry.
In addition, Peter Timotheatos, VP Finance at Aveos, is promoted to CFO.
Peter has excellent working knowledge of the industry. He has held
progressively senior positions across various areas of finance,
including auditing, market analysis, company valuations and mergers &
acquisitions. Before joining Aveos in 2008, he was Chief Financial
Officer at BCE Elix, and prior to that Director of Mergers &
Acquisitions at BCE.
Chahram Bolouri, former President and CEO, and Robert Comeau, former
Vice President and CFO, are leaving Aveos to pursue other interests.
They will transition out of their positions on May 2, 2011, but will
remain in advisory roles in order to ensure business continuity and a
The Board has thanked Mr. Bolouri for building Aveos into a successful
company. Mr. Davis commented that "under Mr. Bolouri's leadership since
taking the helm five years ago in January 2006, the company went
through significant changes and events in a fast-paced environment. His
disciplined approach took the company from its carve-out during
Monetization through financial restructuring to the creation of an
independent, financially sound company with an increasingly diversified
customer base that is ready to embark on a new phase of growth and
Mr. Davis went on to also thank Robert Comeau. "I would like to thank
Robert for his leadership, dedication and his guidance. He successfully
led the financial restructuring of Aveos and helped it achieve its
Mr. Bolouri commented that "it has been my privilege to be part of the
creation of Aveos from the ground up into one of the largest,
independent MROs in the world. My thanks go to the management team, all
employees, customers, suppliers, partners and the union and for their
support." Mr. Comeau echoed this sentiment. "With the financial
restructuring well behind us, Aveos today is financially stronger with
the means to support its growth plans. The outcome is a company poised
for growth as the global aerospace sector recovers. This is the right
time for me to step aside. Peter Timotheatos has been instrumental in
driving financial improvements in the business. His natural leadership
skills and exceptional financial acumen make him the right person to
take over this role."
Aveos met its financial objectives in 2009 and 2010 despite the
difficult economic environment. The Company is well positioned for
growth. It has been EBITDA-positive since 2006 - except for two
quarters in 2008 when the global recession affected its business the
most - and through the financial restructuring has a balance sheet that
provides the financial flexibility for future growth.
Aveos is a full-service maintenance, repair and overhaul (MRO) provider
of airframe, engine, component and maintenance solutions to the
aviation industry. From maintenance facilities across Canada and in El
Salvador, we provide integrated services to over 100 customers, while
leveraging a robust network of strategic alliances. Approximately 4,900
employees are committed to a tradition of providing world-class quality
and expertise to customers. To learn more, visit aveos.com
SOURCE AVEOS FLEET PERFORMANCE INC.
For further information:
Tel.: +1 514 856 6789