On November 23, 2019, Andrew Stumpf resigned from the Board of Directors of Air T, Inc. for personal reasons. Mr. Stumpf stated he had no disagreements with the Board, management or the company's operations, policies or procedures. Mr. Stumpf had served on the Board of Directors since November 2014. On November 25, 2019, the Company's Board appointed Ray Cabillot to serve on the Audit Committee, Travis Swenson to serve on the Compensation Committee, and Peter McClung to serve on the Nominating Committee to fill vacancies resulting from Mr. Stumpf's resignation. The Board further voted to reduce the number of Directors from eight individuals to seven individuals.
Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets. The Company has four segments: Overnight air cargo, Ground equipment sales, Commercial jet engines and parts, and Corporate and other. Overnight air cargo segment operates in the air express delivery services industry. Ground equipment sales segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, military and industrial customers. Commercial jet engines and parts segment manages and leases aviation assets, supplies surplus and aftermarket commercial jet engine components, provides commercial aircraft disassembly/part-out services, commercial aircraft parts sales, and procurement services and overhaul and repair services to airlines. Corporate and other segment acts as the capital allocator and resources for other consolidated businesses. Further, the segment is also comprised of insignificant businesses.
AIR T, INC. 
