Yahoo Finance Air Transport (ATSG) Elevates Mike Berger to CEO Position
Air Transport Services Group ATSG recently announced that Mike Berger has been promoted to the top position chief executive officer or CEO. Prior to the elevation, Berger served as the company’s president since October 2023. He has been a member of ATSG’s management team since 2018.
The elevation of Berger to the top position means that he will be the third CEO at this diversified provider of cargo aircraft and transportation services, in a short time span. We remind investors that Rich Corrado was replaced by Joe Hete in November last year, after the company reported lackluster third-quarter 2023 results. This was Hete’s second stint as ATSG’s CEO, having previously discharged the CEO’s responsibilities from 2003 to 2020.
Following Berger’s elevation to the top spot, Hete, who also serves as chairman of the board of directors, has been appointed as the executive chairman. With Hete remaining associated with the company, Berger can always fall back on Hete’s vast experience if and when required for running the company.
Berger’s promotion has also resulted in another change with the position of president falling vacant. Jeffrey Dominick becomes the president now. Dominick was previously a member of the board of directors.
Due to headwinds like high costs and weak demand for cargo aircraft, ATSG shares have declined 25.7% year to date compared with the industry’s 10.5% decline.
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ATSG would be hoping that with the elevation of the experienced Berger to the top position, the company’s performance on the bourse would improve.
Zacks Rank
ATSG currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Some better ranked stocks from the Zacks Transportation sector are Wabtec Corporation WAB and Kirby Corporation KEX.
WAB currently sports a Zacks Rank #1 (Strong Buy) and has an expected earnings growth rate of 22.6% for the current year. You can see the complete list of today’s Zacks #1 Rank stocks here.
WAB has an impressive earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in three of the trailing four quarters (missing the mark in the other quarter), delivering an average surprise of 11.5%. Shares of Wabtec have surged 69.6% in the past year.
KEX currently flaunts a Zacks Rank #1 and has an expected earnings growth rate of 42.2% for the current year.
The company has an encouraging track record with respect to earnings surprise, having surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 10.3%. Shares of KEX have gained 59.3% in the past year.
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Air Transport Services Group, Inc (ATSG) : Free Stock Analysis Report
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