kilted pilot
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Reuters
UPDATE - Atlas Air replaces CEO Shuyler with director Blue
Thursday March 6, 9:51 pm ET
(Adds details, background)
PURCHASE, New York, March 6 (Reuters) - Cargo carrier Atlas Air Worldwide Holdings (NYSE:CGO - News), on Thursday said its Chief Executive Richard Shuyler was leaving the company, to be replaced by company director John Blue on an interim basis.The Purchase, New York, company also said three other top executives would depart -- general counsel Thomas Scott, senior vice president of strategic planning Fred deLeeuw, and senior vice president of marketing and commercial strategy Stanley Wraight.
Shuyler took the helm from company founder Michael Chowdry, who died when he crashed his Czech-built fighter jet near Denver in January 2001.
Atlas has said the U.S. Securities and Exchange Commission (News - Websites) is probing the company. The company also has said it is reauditing its financial results for 2000 and 2001, has missed aircraft lease payments and has delayed financial statements for the third quarter and full year 2002.
A company spokesperson did not immediately return a telephone call seeking comment. The four departing executives could not be immediately located for comment.
Last month the company said it had missed six lease payments and may defer others. It has also agreed with aircraft maker Boeing Co. (NYSE:BA - News) to delay by about three years the delivery of a 747-400 jumbo jet that had been set for this October.
As of December 31, 2002, its cash and investment balance stood at $254.9 million on a consolidated basis, while its outstanding long-term debt amounted to $930.6 million.
Shares of the company, which operates air cargo service through its Atlas Air and Polar Air Cargo units, closed at 71 cents on the New York Stock Exchange (News - Websites) on Thursday, down 9 cents or 11 percent.
The stock has fallen 95 percent in the last 12 months.
UPDATE - Atlas Air replaces CEO Shuyler with director Blue
Thursday March 6, 9:51 pm ET
(Adds details, background)
PURCHASE, New York, March 6 (Reuters) - Cargo carrier Atlas Air Worldwide Holdings (NYSE:CGO - News), on Thursday said its Chief Executive Richard Shuyler was leaving the company, to be replaced by company director John Blue on an interim basis.The Purchase, New York, company also said three other top executives would depart -- general counsel Thomas Scott, senior vice president of strategic planning Fred deLeeuw, and senior vice president of marketing and commercial strategy Stanley Wraight.
Shuyler took the helm from company founder Michael Chowdry, who died when he crashed his Czech-built fighter jet near Denver in January 2001.
Atlas has said the U.S. Securities and Exchange Commission (News - Websites) is probing the company. The company also has said it is reauditing its financial results for 2000 and 2001, has missed aircraft lease payments and has delayed financial statements for the third quarter and full year 2002.
A company spokesperson did not immediately return a telephone call seeking comment. The four departing executives could not be immediately located for comment.
Last month the company said it had missed six lease payments and may defer others. It has also agreed with aircraft maker Boeing Co. (NYSE:BA - News) to delay by about three years the delivery of a 747-400 jumbo jet that had been set for this October.
As of December 31, 2002, its cash and investment balance stood at $254.9 million on a consolidated basis, while its outstanding long-term debt amounted to $930.6 million.
Shares of the company, which operates air cargo service through its Atlas Air and Polar Air Cargo units, closed at 71 cents on the New York Stock Exchange (News - Websites) on Thursday, down 9 cents or 11 percent.
The stock has fallen 95 percent in the last 12 months.
