Air T Inc. announced the resignation of Walter Clark as Chief Executive Officer and President and the appointment of current Board Chairman, Nick Swenson, as interim Chief Executive Officer. In addition, Air T announced that Mr. Clark has conditionally resigned as a director effective November 13, 2013 and that William H. Simpson, an Executive Vice President of Air T and the President of Air T's Mountain Air Cargo subsidiary, has been elected as a director to replace Mr. Clark.
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.