Leadership Transition at TIMCO

GREENSBORO, NC — March 25, 2011 … TIMCO Aviation Services (“TIMCO”) today announced a transition in leadership effective 1 April. Kevin Carter will assume full responsibilities as Chief Executive Officer, in a capacity he has shared with Ron Utecht over the past two and a half years. Mr. Utecht will transition from his formal leadership role into a senior advisory role with the company. In addition, Bill Norman will join TIMCO as the company’s new President of MRO Services, leading the company’s airframe and engine MRO operations as well as its TIMCO LineCare™ business.

Rick Salanitri will continue to lead TIMCO Aerosystems as its President and Elizabeth Taylor will continue to manage TIMCO human resources and legal functions as Executive Vice President and General Counsel. Lee Fox will continue in his role as Treasurer, and will also be assuming new responsibilities as TIMCO’s Chief Financial Officer.

Prior to serving as Co-CEO, Mr. Carter held a series of positions at TIMCO with increasing responsibilities, including CFO and Chief Administrative Officer. He is widely respected for his expertise in corporate financial management and capital markets, and he is credited with having played a key part in bolstering TIMCO’s fiscal strength and diversifying its business focus in the MRO and interiors manufacturing markets.

Mr. Norman brings a wealth of experience in aircraft maintenance to TIMCO. He most recently led the operations of a global MRO provider as its General Manager. Previously, he fulfilled a variety of leadership roles at United Airlines, culminating as Senior Vice President of Maintenance Operations with responsibility for all global technical operations and 10,000 employees. Mr. Norman also launched an aviation consulting business and has served as Director on the boards of a number of aerospace companies.

As Treasurer, Mr. Fox has been responsible for all of TIMCO’s treasury operations, including banking, cash management, risk management and insurance. Before joining the company in 2003, he held accounting and finance-related positions with a multi-national textile manufacturer and with a globally-ranked accounting firm.

Mr. Utecht, who joined TIMCO in 2005, played an integral role in TIMCO’s rapid growth and emergence as one of the world’s largest and most widely respected independent aviation maintenance providers. His retirement caps a 50-year career in aviation, recently marked by the FAA’s prestigious Charles Taylor career-service award. In his consulting role, he will continue to support the company through the leadership transition and on special projects.

“We are grateful for all of Ron’s contributions to TIMCO’s success in recent years and look forward to his continued guidance and support,” said Mr. Carter. “At the same time, it is exciting to welcome Bill into the TIMCO family, and we will look forward to benefitting from his rich experience in the industry. Lee has proven his financial acumen beyond his Treasurer responsibilities; he will be adept in fulfilling responsibilities as CFO. I’m pleased with our team and the opportunity we have to build on our growth momentum.”

TIMCO Aviation Services is one of the largest, independent aircraft maintenance, repair and overhaul (MRO) providers, supporting global aircraft operators and owners with comprehensive aircraft care services including base maintenance from three multi-hangar locations. TIMCO Aerosystems provides interiors design, engineering, certification and integration services, as well as manufactured products including galleys, lavs and Brice seating. The TIMCO Engine Center provides engine MRO, and TIMCO LineCare™ delivers line maintenance and cabin care at airports across the U.S.