TORRANCE, Calif. – Richard "Richie" Powers has been elected by the Aero Marine Board of Directors to the position of president and chairman, the company reported in a statement yesterday. This announcement comes in concert with the resignation of former Chief Executive Officer Garth Bailey.
Bailey, who joined Aero Marine at inception as the company's chief executive officer and chairman, has made significant contributions to Aero Marine over the past several months, according to the engine builder. Under his leadership, Aero Marine has progressed in implementing its internal business plan.
Bailey is leaving Aero Marine to dedicate his attention towards his law practice.
"I am leaving with high expectations for Aero Marine," he said. "It was always my intention to lead Aero Marine until the company was in a position to retain the services of a professional manager with impeccable credentials. Richie is that person. We are also in the process of bringing in another executive with the same degree of expertise as Richie. It has been a challenging and rewarding role for me, and I feel confident in leaving the future success of Aero Marine Engine in the hands of Mr. Powers."
Richard "Richie" Powers is best known for his accomplishments as a seven time World Champion offshore power board racer, Aero Marine reported. Powers has a wide range of knowledge regarding the successful management of marine related enterprises, the company stated. Powers’ commercial achievements include: Division Direct of Magnum Marine; Vice President/General Manager of Monza Power Boats; Racing Director for Team Gentry, Apache and Don Johnson Racing; General Manager of Intrepid Boats; Founder of Champion Marine; and key positions with Keikhaer Marine, Martini and Rossi and Mercury.
"Aero Marine Engine was founded by men of extraordinary vision and entrepreneurship," commented Powers. "I am extremely excited to be joining such an exciting venture and hope to draw upon my 35 years of marine engine and boat manufacturing experience to ensure the success of Aero Marine Engine."
Aero Marine Engine, Inc. (OTCBB: ARMR) is a developmental stage company that has acquired the rights to the Dyna-Cam engine, a proprietary internal combustion engine.