Piedmont Airlines, Piedmont Airlines, Inc. a wholly owned regional carrier of American Airlines Group Inc (NASDAQ:AAL), announced that Lyle Hogg, previously vice president – flight operations for US Airways, will serve as president of the airline. In this position, Hogg will report to Piedmont chief executive officer Steve Farrow, who previously held both the CEO and president titles. Farrow plans to retire from Piedmont in early 2016, and today’s announcement is part of Farrow’s leadership succession plan for the regional carrier.
“This is truly the most exciting time in Piedmont’s history as we prepare to induct a new fleet type, the Embraer 145 (E145),” said Farrow. “We welcome Lyle to the Piedmont family, and we look forward to his contributions across our airline as we prepare for this next chapter in Piedmont’s long and rich aviation history.”
Kenji Hashimoto, American’s senior vice president – regional carriers for American Airlines, said, “Steve has been a valued leader and a regional airline expert for many decades, and we are privileged to have his leadership atPiedmont. His breadth of knowledge, now combined with Lyle’s air operations experience, will provide a seamless leadership transition during this time of growth at Piedmont and will strengthen Piedmont’s role as a vital provider of regional feed for the world’s largest airline.”
In late 2014, American Airlines announced Piedmont will receive a minimum of 20 of its E145 regional jets beginning in 2016. Farrow will lead Piedmont’s day-to-day operations until his retirement in 2016, while Hogg will focus on preparing Piedmont for the induction of the 50-seat jets into its fleet, including working with the Federal Aviation Administration (FAA) to certify this new aircraft type at Piedmont and leading pilot recruitment for the airline.
Hogg began his career in aviation as regional airline pilot in 1981 flying the deHavilland Twin Otter (Dash-6), a predecessor of the Dash-8 that Piedmont operates today. He was hired as a pilot by US Airways in 1984 and rose through the pilot management ranks, culminating with his most recent position as the vice president of flight operations. Hogg has played integral roles in the merger of US Airways and American and achieving American’s single operating certificate. He also has extensive experience working with outside constituents such as the FAA,National Transportation Safety Board (NTSB) and aircraft manufacturers, among others.
Farrow joined Piedmont in 1985 as vice president of flight operations, after serving 21 years as an officer in theU.S. Navy. In 2005, Farrow became president and CEO of the Salisbury, Maryland-based carrier. (Original Source)
Shares of American Airlines opened today at $41.68 and are currently trading down at $41.635. AAL has a 1-year high of $56.20 and a 1-year low of $28.10. The stock’s 50-day moving average is $47.89 and its 200-day moving average is $49.10.
On the ratings front, American Airlines has been the subject of a number of recent research reports. In a report issued on April 27, Imperial analyst Bob McAdoo maintained a Buy rating on AAL, with a price target of $82, which represents a potential upside of 96.7% from where the stock is currently trading. Separately, on April 1, Deutsche Bank’s Michael Linenberg downgraded the stock to Hold and has a price target of $58.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bob McAdoo and Michael Linenberg have a total average return of 23.3% and 27.3% respectively. McAdoo has a success rate of 65.5% and is ranked #55 out of 3610 analysts, while Linenberg has a success rate of 67.1% and is ranked #83.
American Airlines Group Inc, through its subsidiaries, operates in the airline industry. The Company has hubs in Charlotte, Chicago, Dallas/Fort Worth, Los Angeles, Miami, New York City, Philadelphia, Phoenix and Washington, D.C.