As Previously Reported, Brent Wouters Named CEO

In stories previously reported by ANN, Alan Klapmeier, Chairman of Cirrus Design Corporation, has named Brent Wouters to the post of Chief Executive Officer effective February 1, 2009. Currently President & Chief Operating Officer, Mr. Wouters (pictured below) had served as Executive Vice President and Chief Financial Officer of Cirrus from early 2002 until March 2008.

Alan Klapmeier (pictured below) noted, "For some time now much of my effort and energy has been focused on important aspects of Cirrus outside of day-to-day operations in Duluth. In addition to the strategic direction of the company, I continue to be very involved in wider efforts to promote growth in General Aviation as well as spending even more time within the Cirrus customer community to learn how we can better serve current and future Cirrus owners."

"In that light" Klapmeier continued, "Brent's transition to CEO continues our efforts to build a strong and capable management team. It also reaffirms our long-term commitment to our customers, to our employees, to our vendor and government partners and to our shareholders. With both broad and in-depth experience in business and aviation, Brent will continue to build upon Cirrus' strong success to date in his new role."

Prior to Cirrus, Wouters was the Chief Financial Officer of International Payment Services, where he was instrumental in completing 11 acquisitions. Mr. Wouters previously was an award-winning equity analyst, an information technology consultant, and an aircraft engineer and flight simulator engineer. Mr. Wouters holds an M.B.A. from Georgia State University, an M.S. in Aerospace Engineering from Iowa State University, and a B.A. in Math and Physics from Iowa's Graceland University.

Interestingly, a representative of Arcapita, the majority stakeholder in Cirrus, also weighed in on the move. "As Cirrus' ownership partner, we strongly support Alan's appointment of Brent to CEO," said Kevin Keough, director of  the Portfolio Management Group at the Bahrain-backed investment concern. "Cirrus has seen its most rapid growth in the last decade as it has delivered over 4,000 new airplanes in more than 50 countries around the world."

Keough concluded, "Cirrus stands poised to repeat its success in the emerging personal and light jet market with its "Vision Jet". Cirrus enjoys strong and steady financial commitment and operational support from Arcapita and with such a positive outlook across all its aircraft programs, we are excited that Alan will continue to provide overall company direction as Brent takes the reins of day-to-day leadership".

Alan Klapmeier, who founded Cirrus along with his brother Dale, will continue to serve as the Chairman of the Board of Directors of Cirrus and Dale remains Vice Chairman. As its Chief Executive since inception, Alan guided Cirrus from its modest beginnings in 1984 through the development and production of the industry-leading SR20 and SR22 piston aircraft. Cirrus notes that, today, the SR22 is the world's best selling aircraft model and it has held that position for nearly seven consecutive years.

FMI: www.cirrusdesign.com, www.arcapita.com