Air Methods Announces Organizational Change to Support Fiscal and Growth ObjectivesAaron Todd to Assume COO Responsibilities in Addition to CFO Role; Products Division to Become a Wholly-Owned Subsidiary; Michael Prieto Named President of New Subsidiary
PR NEWSWIRE - February 14, 2002 07:00
DENVER, Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Air Methods Corporation (Nasdaq: AIRM), a leading emergency aeromedical transport company, announced today several organizational changes to better support the ongoing growth and operational objectives of the Company's distinct operating segments.
The Company announced that Mr. Aaron D. Todd has been appointed Chief Operating Officer in addition to retaining his current responsibility as Chief Financial Officer. Mr. Todd has been with Air Methods since 1995. From 1986 to 1994 Mr. Todd was employed by KPMG Peat Marwick, a certified public accounting firm, in its Denver, Colorado office.
The Company also announced that its Products Division is in the process of converting into a wholly-owned subsidiary of Air Methods Corporation. Mr. Michael Prieto, currently Vice President of the Products Division will become President of the newly-formed subsidiary, which will continue to do business as (dba) the Products Division of Air Methods Corporation. The Products Division, based in Englewood, Colorado, designs, manufactures, installs, and certifies multi-mission (medevac, personnel and cargo) interior systems and other aerospace products for domestic and international customers. The Products Division is also a leading provider of proprietary products for aircraft including the U.S. Army's HH-60L Black Hawk Multi-Mission Medevac System, and for the commercial markets the Multi-Mission Floor, the Articulating Patient Loading System, Modular Medical Cabinet and Mission Equipment Frame.
"The rapid growth experienced by Air Methods in recent years necessitates a more defined organizational structure between our distinct operating units," George Belsey, chief executive officer, said. "These organizational changes recognize the two significantly different businesses, aeromedical flight services and multi-mission interior systems, in which Air Methods operates. These changes will allow each operating segment the flexibility to maximize their effectiveness in addressing cost efficiency and growth objectives in their own distinctive industries."
Mr. Belsey continued, "We are also pleased to announce today the promotion of Sharon Keck, previously our controller, to the position of Chief Accounting Officer of Air Methods Corporation. We look forward to even greater contributions in her new assignment."
The Company announced in late January 2002 that its year-end 2001 operating results exceeded the annual goals set forth in its guidance for 2001. Final results will be reported during the final week of February, 2002, following completion of the year-end audit. |
