Joe Hete to retire as ATSG chief executive
24 / 02 / 2020
Joe Hete will retire as chief executive officer of US-based freighter lessor Air Transport Services Group (ATSG) in May this year.
Company president Rich Corrado will become chief executive and a director of ATSG, whose clients include Amazon Air and UPS.
Hete, who pioneered the leasing of midsize converted freighters for express airlines, is expected to remain a member of ATSG’s board of directors and to be elected chairman of the board upon his retirement.
Randy Rademacher, currently chairman of the board, is to become the board’s independent lead director.
Hete, aged 65, has served as president, chief executive and a director of ATSG since 2003, and for 20 years prior to that in management at ABX Air, including serving as its president.
Hete said that he will be leaving ATSG’s management team, businesses, and shareholders in a strong position: “I’m confident that the people I have worked with at ATSG, and those who will follow, will continue to produce results that attract new customers and yield solid returns.”
Hete continued: “Rich Corrado’s creative energy and unique approaches to creating solutions-based packages of air transport services for our customers, the strong dedication to service and safety of our operating management teams, and the financial executives who deliver the capital we need to grow, will keep ATSG on the path to superior rewards for shareholders.”
Rademacher said: “Joe Hete will be leaving behind a great company, growing and generating solid returns for our long-term shareholders.
“He led ATSG through an incredible transformation from a one-customer, express-package airline into the world’s largest source of dedicated midsize freighter aircraft and related services, now including dedicated midsize passenger aircraft services as well.
“He is known throughout the air cargo industry as a pioneer who saw the potential of leasing midsize converted freighters to give integrated carriers more fleet flexibility, and give others a means to build air-cargo networks without a substantial capital commitment.
“He also built a solid leadership team and we are confident in their abilities to build on Joe’s legacy.”