Posted on: Thursday, June 9, 2005
Restructuring expert is Aloha's new CFO
By Rick Daysog
Advertiser Staff Writer
Aloha Airlines yesterday named turnaround specialist Jeffrey Kessler its interim chief financial officer.
He replaces James Clarke, who resigned as Aloha's chief financial officer last week.
"We are fortunate to have Jeff join our team," said David Banmiller, Aloha's president and chief executive.
"With his specialized expertise in restructuring, Jeff will be a tremendous asset in helping Aloha move ahead with its reorganization plan."
Kessler, who will report directly to Banmiller, will be responsible for day-to-day financial functions and will work closely with Aloha's investors and lenders. He will remain at Aloha until the airline is able to conduct a search for a permanent chief financial officer.
Kessler is a partner in the Atlanta office of Tatum CFO Partners LLP, which specializes in restructuring distressed companies. He has more than 21 years of financial consulting experience, primarily in helping companies in bankruptcy.
Before joining the Tatum firm, Kessler was managing director at Partners for Corporate Renewal Inc., which is a Philadelphia-based turnaround firm. Back in 2001, he served as acting chief financial officer of Seattle-based Associated Grocers Inc., where he was credited with restructuring more than $250 million of the grocery cooperative's debt. The move helped the $1 billion wholesale grocery cooperative avoid bankruptcy. He is a certified public accountant and holds a master's in finance and a bachelor's in accounting from Temple University.
The airline, which filed for Chapter 11 bankruptcy in December, also appointed Kessler as its interim treasurer and interim vice president of finance.
