Passur Aerospace Names New CEO

STAMFORD — Aviation-services firm Passur Aerospace announced that one of its board directors will become its next CEO, marking the first new chief executive in 17 years for a firm that is grappling with ongoing losses.

Brian Cook, who joined the board in December 2018, succeeds Jim Barry, who has served as CEO since 2003 and worked at the company since 1998. Barry is staying on as president and as a board member.

The firm did not say in its announcement whether its fiscal performance contributed to the decision to bring in Cook as CEO, but it said this week that it was looking forward to Cook and Barry working together.

Passur was profitable from the 2006 fiscal year through the 2016 fiscal year, but it has recorded net losses in the past three years, according to filings to the U.S. Securities & Exchange Commission. For the fiscal year that ended Oct. 31, it posted a pretax loss of about $3.8 million.

“It’s a real coup for Passur to have Brian as CEO. We’ve known Brian for years. He’s been a great director and has a lifetime of leadership experience in our industry,” board Chairman Beck Gilbert said in the statement. “The team of Brian and Jim will help us accelerate Passur’s strategy to scale our business worldwide.”

Cook has 28 years of executive experience, including most recently as the CEO and as a board member at cybersecurity firm CyFIR.

“I’ve known Jim for years and look forward to continuing to work with him to help Passur achieve its ambitious objectives,” Cook said in the statement. “Passur is uniquely positioned in the market to solve some of the air transport industry’s most difficult operational issues supporting airline, airport, and air traffic management organizations.”

During the next two years, Cook is set to be paid an annual base salary of $325,000, an amount that could increase, the company said in an SEC filing.

He has also qualified for a one-time sign-on cash bonus of $10,000 and potentially an annual “cash bonus opportunity,” whose amount would be based on board-determined performance criteria.

In addition, he has an option to purchase up to 500,000 shares of common Passur stock. The company’s stock was trading Thursday afternoon at about $1, which would make 500,000 shares worth about $500,000.

As president, Barry will focus on goals including revenue growth and the development of new products designed to increase on-time performance, according to Passur officials.

In the 2019 fiscal year, Passur’s revenues increased 2 percent, to about $15 million.

“The company’s ability to return to profitability will depend upon its ability to generate significant increased revenues through new and existing customer agreements, additional services, and/or products offered to existing and new customers, and control costs associated with business operations,” the company said in an SEC filing.

Barry also cited the recent global launch of the company’s Ariva platform, which is powered by machine learning and artificial intelligence. Through its advanced predictive analytics and “decision-support technology,” he said that Ariva will “help us realize our mission even faster.”

“Our mission continues — now with even more capabilities — I look forward to working with Brian, driving our value to customers, and thus company revenue growth, to the next level,” Barry said in a statement. “Our ability to work with the global aviation community to improve on-time performance, reduce unnecessary block, and improve capacity with digital solutions makes this an exciting time for the company.”

Passur’s clients include more than 125 airlines, including five of the largest North American airlines, as well as more than 60 airports.

Its clients include American Airlines, Delta Air Lines, United Airlines, Aeromexico, Dallas-Fort Worth Airport, Fort Lauderdale Hollywood Airport, Toronto Pearson Airport and Minneapolis-St. Paul Airport.

More than 60 percent of all flights in the U.S. are managed, in some form, by Passur software, according to the firm.

Passur has offices in Landmark Square in downtown Stamford.

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