LMI Aerospace CEO Ronald Saks To Retire; Names Daniel Korte CEO

(RTTNews) - LMI Aerospace Inc. (LMIA), a provider of design engineering services and supplier of structural assemblies, kits and components to the aerospace and defense markets, announced that chief executive officer Ronald Saks will retire. He will step down as CEO on March 18, 2014.

As part of the formal transition, Saks will be named Non-Executive Chairman of the Board of Directors where he will provide strategic oversight and serve in an advisory capacity while spending more time with his family and in various community endeavors.

Saks, 70, has served as chief executive officer and a director of the company since the purchase of Leonard's Metal, Inc. in 1984.

In addition, the company announced that it has appointed Daniel Korte as its President and Chief Executive Officer, effective March 18, 2014.

Korte, 53, has more than 28years experience in the aerospace industry. Most recently, he served as president of Defense Aerospace at Rolls-Royce. There he was responsible for the overall strategy and performance of the global defense business, which encompassed operations in 17 countries, serving 160 customers in 103 countries. He was a member of the company's Global Executive Group.

Before joining to Rolls-Royce, Korte was vice-president and general manager of Global Strike Systems at The Boeing Company in St. Louis. Korte began his career in 1985 as an engineer at McDonnell Douglas Corporation. He rose through the management ranks of McDonnell Douglas and then Boeing following the merger of Boeing and McDonnell Douglas in 1997.