Air Industries adds CEO title for president Luciano Melluzzo
Luciano Melluzzo, president and now also chief executive of Air Industries Group, in an undated photo. Credit: Air Industries Group
Air Industries Group, a maker of assemblies and components used in aircraft electronics, flight controls and landing gear, Wednesday announced that the company’s president, Luciano “Lou” Melluzzo, has been appointed chief executive, replacing acting CEO Pete Rettaliata.
“The board is confident that Lou’s depth of experience will accelerate our return to profitability,” Michael Taglich, Air Industries board chairman, said in a statement released before Wednesday’s stock market open. Melluzzo will continue as president in addition to his new responsibilities.
Shares of Air Industries, which makes landing gear for the F-18, F-16 and F-15 jet fighters, closed unchanged at $1.33 on Wednesday. A year ago, they were at $2.45.
Melluzzo, a former executive at Cheshire, Connecticut-based aerospace company EDAC Technologies, was named president of Air Industries in August. Rettaliata became acting president and CEO in March after the exit of Daniel Godin, who served in the role for about 2 1/2 years.
Rettaliata previously served as CEO for almost 20 years until Godin was hired in January 2015.
The executive promotion came as the Hauppauge defense contractor released third quarter results that saw a 10.2 percent increase in revenue to $17.3 million compared with the year-earlier period. But the company had a net loss of $2.9 million, or 21 cents per diluted share, compared with a net loss of $2 million, or 30 cents per diluted share, in year-earlier period.
“We are encouraged, but not satisfied with our results for the quarter,” Rettaliata said in a statement. “We look forward to returning Air Industries to profitability.”
In August, the company announced a restructuring effort that included the merging of its Nassau Tool Works unit in West Babylon into its Air Industries Machining Corp. subsidiary in Bay Shore.
In October, shareholders approved conversion of all preferred stock, and more than $4 million in debt, to common stock.
Air Industries has about 300 employees.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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