Monday, July 14, 2003
In a profile of Horizon Air in the June 16 issue of C/R News, the list of the company's officers was incomplete and not entirely up to date. The company's officers are: President/CEO - Jeff Pinneo; Sr. VP Operations - Tom Gerharter; Sr. VP Customer Services - Glenn Johnson; VP Flight Operations - Gene Hahn; VP & Treasurer - Rudi Schmidt; VP Maintenance & Engineering - Celia Sherbeck; VP General Counsel & Secretary - Art Thomas; VP Marketing & Planning - Pat Zachwieja.
The ticker symbol for B/E Aerospace [Nasdaq: BEAV] was incorrectly cited as the ticker symbol for Raytheon Aerospace in a story in the June 30 issue of C/R news. B/E Aerospace is in no way connected to the Raytheon Aerospace facility that performed the maintenance on an Air Midwest Beech 1900D that crashed Jan. 8.
Raytheon Aerospace is majority owned (73.5 percent) by Veritas Capital, a private equity-investment firm, and is not publicly traded. Raytheon [NYSE: RTN] owns the remaining 26.5 percent, having sold its majority interest in the business in 2001.
Although it retains a minority ownership interest, Raytheon has not been involved in the management of Raytheon Aerospace's business. On June 20, 2003, Raytheon Aerospace became Vertex Aerospace, a privately held company, per a prior agreement with Raytheon, which allowed use of the name "Raytheon" for two years (see http://www.ratheonaerospacellc.com and http://www.vertexaerospace.com). The name change fulfills the terms of this agreement.
Vertex Aerospace is not publicly traded. The company issued a news release in May 2002, saying it would be going public, but the initial public offering remains on hold, "due to market conditions."