UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
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| Item 5.02 | Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers |
On October 2, 2023, Air Transport Services Group, Inc. (“ATSG”) announced that the Board of Directors (the “Board”) of ATSG had elected Michael L. Berger, age 62, as the President of ATSG, effective October 1, 2023.
As President, Mr. Berger will be responsible for aligning the business operations with the company’s long-term strategic plans. He, along with Quint O. Turner, Chief Financial Officer, W. Joseph Payne, Chief Legal Officer and Secretary, and Deborah A. Loveless, Vice President, Human Capital, will continue to report to Richard F. Corrado, who remains the Chief Executive Officer and a Director of ATSG. Edward J. Koharik, Chief Operating Officer, and Paul Chase, Chief Commercial Officer, will report to Mr. Berger. Mr. Berger has no family relationships with any of the Company’s directors or executive officers.
Mr. Berger joined the company in 2018 as Chief Commercial Officer and President of the Company’s Airborne Global Solutions subsidiary. He was promoted to Chief Strategy Officer in 2022. Prior to joining ATSG, he held senior leadership positions at major air express companies including DHL, TNT in Europe, and with Dicom Transportation Group of Canada. He started his career with Airborne Express. He has a bachelor’s degree in business management from Temple University.
The Compensation Committee of the Board unanimously resolved to: (i) increase Mr. Berger’s annual base salary from $500,000 to $600,000, effective as of the date of his promotion; (ii) increase Mr. Berger’s grants under the ATSG Long-Term Incentive Compensation Plan from 150% to 200% of his annual base salary, effective with the grant made in fiscal year 2024; and (iii) provide Mr. Berger with relocation assistance of up to $50,000, to be grossed up for federal, state and local taxes.
On October 2, 2023, ATSG issued a press release concerning this matter, a copy of which is furnished as Exhibit 99.1 to this report.
| Item 9.01 | Financial Statements and Exhibits. |
(c) Exhibits
| Exhibit |
Description | |
| 99.1 | Press release issued by Air Transport Services Group, Inc. on October 2, 2023. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| AIR TRANSPORT SERVICES GROUP, INC. | ||
| By: | /S/ W. JOSEPH PAYNE | |
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W. Joseph Payne | |
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Chief Legal Officer & Secretary | |
| Date: | October 2, 2023 | |