Mooney Aerospace Group Announces Promotion of L. Peter Larson to President and CEO; Former CEO Norris Resigns
LONG BEACH, Calif.--(BUSINESS WIRE)--Aug. 20, 2002--Mooney Aerospace Group, Ltd. (OTCBB:MASG) announced today that Roy H. Norris, President and CEO of Mooney Aerospace Group Ltd., tendered his resignation to the Board of Directors as chairman, president and CEO, which it accepted. However, Mr. Norris will continue to act as a consultant to the company on an ongoing basis.
The board of directors announced that L. Peter Larson has been named the new president and Chief Executive Officer. Mr. Larson has been serving the company as Chief Operating Officer and Chief Financial Officer. Mr. Larson has been the Chief Financial Officer of Cessna Aircraft Co. and has held several high-level management positions prior to coming to Mooney.
The board also added Mr. Larson and J. Nelson Happy, the company's general counsel, to the board. Samuel Rothman, a director, was named Chairman of the Board, and Mr. Happy was named Vice Chairman. Dale Ruhmel, Executive Vice President of Operations, was promoted to Chief Operating Officer.
Mr. Rothman said: "The board is pleased to announce the promotions of Mr. Larson, Mr. Ruhmel and Mr. Happy. They have done a great job of bringing the company toward success in a very short time. We are very impressed by Mr. Larson's leadership abilities and industry experience, and I am looking forward to working closely with him."
Mr. Larson noted that: "Mr. Norris stepped down from Mooney after accomplishing the goals that he set. Under Roy's leadership, the company has made substantial progress since the new management team started work in January. I am particularly proud of each team member's accomplishments, which include the following:
-- We put together an outstanding management team with
substantial general aviation management experience including
Dale Ruhmel, one of the leading aviation designers in the
U.S.; Jack Jansen, who is one of the most experienced general
aviation manufacturing experts in the industry; and Nicolas
Chabbert who joined the company recently as Executive Vice
President of Sales & Marketing. Mr. Chabbert is considered one
of the leading authorities in the world in general aviation
sales and marketing.
-- Under the guidance of J. Nelson Happy, our General Counsel, we
successfully completed the acquisition of Mooney Aircraft
Company.
-- With Jack Jansen at the helm at the company's plant in
Kerrville, Mooney restored full production of spare parts,
received a Federal Aviation Administration Production
Certificate allowing us to build fully certified aircraft, and
has completed the production of several new airplanes.
-- Substantially reduced the cost of manufacturing and
distributing airplanes, thereby permitting the largest price
cut in general aviation history on all Mooney models.
-- Sold the first new airplane produced by our company."
Mr. Larson also observed that: "On behalf of the whole management team and the board, we wish Mr. Norris well and thank him for his leadership. While we will miss Roy, we are confident that our management team will be successful in achieving the objectives the board has set out for us."
About Mooney Aerospace Group, Ltd.
Mooney Aerospace Group, Ltd. is a general aviation holding company that owns Mooney Airplane Company in Kerrville, Texas. Mooney Airplane Company currently markets three Mooney models: Bravo, Ovation2 and Eagle2. Mooney production began 53 years ago and over 10,000 airplanes have been delivered worldwide. Complete information on the Mooney Airplane Company and its products is available at mooney.com.
CONTACT: Mooney Aerospace Group, Ltd.
J. Nelson Happy, 562/938-8618
Investor Relations, 866/49-MOONEY
or
Eidson & Partners Inc.
Al Eidson, 816/474-0747
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