Air Transport Services Group (ATSG) has announced that Joe Hete will retire as chief executive officer of the aircraft leasing and air transport services company in May 2020.

Hete is expected to remain a member of ATSG’s board of directors and to be elected chairman of the board upon his retirement.

ATSG also announced that Rich Corrado will become president and CEO of the company and will be nominated for election to ATSG’s board of directors.

“I’m confident that the people I have worked with at ATSG, and those who will follow, will continue to produce results that attract new customers and yield solid returns,” Hete commented.

“Rich Corrado’s creative energy and unique approaches to creating solutions-based packages of air transport services for our customers, the strong dedication to service and safety of our operating management teams, and the financial executives who deliver the capital we need to grow, will keep ATSG on the path to superior rewards for shareholders.”

Lasting legacy

Chairman of the Board, Randy Rademacher commented: “Joe Hete will be leaving behind a great company, growing and generating solid returns for our long-term shareholders.

“He led ATSG through an incredible transformation from a one-customer, express-package airline into the world’s largest source of dedicated midsize freighter aircraft and related services, now including dedicated midsize passenger aircraft services as well.

“He is known throughout the air cargo industry as a pioneer who saw the potential of leasing midsize converted freighters to give integrated carriers more fleet flexibility and gives others a means to build air-cargo networks without a substantial capital commitment. He also built a solid leadership team and we are confident in their abilities to build on Joe’s legacy.”

ATSG, through its leasing and airline subsidiaries, is the world’s largest owner and operator of converted Boeing 767 freighter aircraft.

For more information on ATSG, visit atsginc.com.