Tue, Aug 27, 2013
Sale Clears Mark Baker To Depart For AOPA
Home improvement giant Lowes has been approved to acquire Orchard Supply Hardware by the U.S. Bankruptcy Court for the District of Delaware. The sale, and naming of a new CEO for the company, will clear the way for Orchard CEO Mark Baker to leave the company for his new position as president and CEO of AOPA.
Lowes will purchase Orchard for some $205 million in cash, and assume the debts of the smaller company.
Baker was named to succeed Craig Fuller as president and CEO of AOPA last week. Still unresolved is the issue of the distribution of a bonus pool for Orchard executives, including Baker. AOPA spokeswoman Katie Pribyl told ANN in a statement last week that Bankruptcy Judge Christopher Sontchi agreed to sign off on the bonus plan for executives after Orchard Supply demonstrated the bonuses are incentives properly linked to goals that improved the bankruptcy’s outcome.
In a related development, NATA president and CEO Thomas L. Hendricks said his organization is looking forward to working with the new head of AOPA.
“Mark Baker brings more than three decades of solid aviation and leadership experience to the Aircraft Owners and Pilots Association,” Hendricks said. We at NATA are excited and look forward to working with Mark as he provides a key voice in policy and advocacy for General Aviation. We welcome a strong relationship under Mark’s tenure as we continue our collective progress in bringing greater awareness of the vital role that General Aviation plays in this nation’s economy – an industry that supports thousands of small businesses and annually drives more than 1.2 million jobs.”
(Photo provided by AOPA)
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