New Management at MD
MD Helicopters Appoints Robert W. René Interim Chief Executive Officer; Randy Kesterson as Chief Operating Officer
Appointments Follows Recent Acquisition by Funds Affiliated with Patriarch Partners, LLC to Reposition the Company for Long-Term Growth
MESA, Ariz. Sept. 16, 2005 – MD Helicopters, Inc. (MDHI), a leading manufacturer of commercial and military helicopters, has named Robert W. René interim Chief Executive Officer and Randy Kesterson as Chief Operating Officer.
In this role, René will provide oversight for the formation of a new executive management team for the Company and will lead business development efforts. Kesterson will manage all phases of the Company’s production, quality assurance, engineering, completion, material management and information technology.
Patriarch Partners, LLC, a financial firm with approximately $4.5 billion under management, acquired within its investment vehicles (“Patriarch”) a controlling interest in MDHI in July. Patriarch’s acquisition of MDHI is structured as a long-term investment for the firm.
René has more than 20 years of operating experience in a variety of technology and manufacturing fields, and a proven track record in strengthening growth companies.
“I am excited to have the opportunity to work with MDHI’s management team as the Company positions itself to grow its business over the long-term,” René said. “MDHI’s proprietary NOTAR® no tail rotor system provides significant operating efficiencies and distinguishes the Company’s products from its competitors. The recent long-term commitment to the business by our majority shareholder, Patriarch, when combined with an industry-leading product, foretells tremendous upside potential for the Company and its people. We have, in this very short time, already seen a significant increase in demand for our spare parts and products.”
“Robert has a proven track record with Patriarch for bridging transitions and building management teams. He is a tremendous leader and innovative thinker and we expect his tenure here to be integral to the repositioning and growth of MDHI,” stated Lynn Tilton, founder and Chief Executive Officer, Patriarch Partners, LLC.
René has been the Chief Executive Officer for InnMedia, a distribution Company owned by Hilton Hotels Corporation, the CEO of Hartwell Industries, an apparel manufacturer, and CEO of Electro Source, LLC, one of the leading makers of accessories to the video gaming industry.
Both Hartwell and Electro Source are Patriarch portfolio companies. René was a Rhodes Scholar nominee from Cornell University and also is a graduate of the Stanford Graduate School of Business and Stanford Law School.
Kesterson is a 20-year aerospace industry veteran. Most recently he was executive vice president and Chief Operating Officer of Curtis-Wright Controls, Inc., a $300-million division of Curtis-Wright Corporation.
“Hiring Randy to join our team is a major coup for MD Helicopters,” René said. “He is a hands-on manager who builds collaborative environments, enabling his teams to perform at the highest levels. Randy will quickly drive MDHI’s product capabilities to an industry-leading level.” He earned an MBA degree at Syracuse University and was accepted into the Sloan Fellows Program at MIT. He also is a Six Sigma Black Belt.