Erickson appoints new CEO
Aviation services provider Erickson has appointed Doug Kitani as its new chief executive and director.
Kitani assumed the role on 31 August. He was previously CEO and director of government services firm IAP Worldwide Services. He has also worked in private investment and general management for Honeywell and General Electric.
Erickson’s acting president and CEO, Andrew Mills, will continue in a executive role.
Erickson chairman Jim Continenza said: “We are delighted to welcome Doug to the team. As an accomplished aerospace and defense CEO with vast government services experience, he brings a unique skill set to Erickson and we feel confident he will be able to leverage Erickson’s unique capabilities into new markets while continuing to support and grow our existing relationships.”
Kitani said: “Erickson is a global market leader in aircraft manufacturing, MRO and air operations, and I am excited to be a part of building the business and expanding our market position in the days ahead.”
Erickson emerged from chapter 11 bankruptcy in April, after five months of negotiations. The company satisfied conditions for its reorganisation plan and is now owned by a diverse shareholder group.
Former president and CEO Jeff Roberts said: “We are very pleased to have completed our financial restructuring in such an efficient and timely manner. Chapter 11 allowed us to achieve rationalisation of our aircraft fleet and deliver our balance sheet by over $400 million in debt. We are exiting the restructuring process with significant available liquidity to fund the company’s present and future business opportunities.
“With a stronger financial foundation and reduced cost structure, we are well positioned under the new business model to fund our operations and to further develop and expand our business in order to better serve our customers and enhance value for all stakeholders for years to come.”