AIRNET HIRES NEW PRESIDENT
AirNet Systems, a small integrated express air carrier based in
Columbus, Ohio, has hired Joel Biggerstaff as president and chief operating officer.
Biggerstaff, a 20-year veteran of the transportation industry, replaces
AirNet founder Jerry Mercer as president. Mercer stays at the company as chairman and
chief executive officer.
AirNet specializes in overnight delivery of checks and other bank notes
for U.S. financial institutions. The company, which operates 118 small aircraft and 250
trucks, has struggled to secure a niche in the broader package delivery market.
AirNet posted net income of $1.4 million in the first half of this year,
including a $2.5 million charge related to the start-up of its express
business, on net revenue of $62.3 million. That compares with a profit of
$4.6 million on net revenue of $54.7 million in the same period last year.