Atlas Air Worldwide (Atlas) announced that Michael T. Steen, currently executive vice president and chief commercial officer of Atlas, has been appointed chief executive officer (CEO) of the company, in line with its long-term succession plan, effective June 15, 2023.

Steen will succeed John W. Dietrich, who is retiring from the company after nearly 25 years.

Michael T. Sheen (Photo: Atlas Air Worldwide)

Additionally, Atlas Air announced that Spencer Schwartz, executive vice president and chief financial officer (CFO) is retiring from his role, effective June 15, 2023.

In the announcement, Atlas Air noted that Steen has more than 30 years of experience in aviation and logistics, including 16 years of executive leadership experience with Atlas.

He has served as chief commercial officer since 2007 and has been responsible for leading the company's strategy and growing market share, as well as developing and diversifying the company’s roster of blue-chip customers.

In addition to his role at Atlas, he currently serves on the Board of Directors at CHC Helicopters.

Following his appointment as CEO, Atlas noted that a new chief commercial officer will be named.

"Michael's leadership experience, strong track record of innovation and success, and consistent focus on the company’s customer-centric mission make him the ideal candidate to lead Atlas forward in its next phase of growth," said David Siegel, chairman of the Board.

"On behalf of the Board, we look forward to working closely with Michael to execute Atlas' strategic growth plans and continuing to build on the Company's strong commitment to safety, quality and service excellence."

Steen, for his part, also welcomed the appointment.

"I am thrilled by the opportunity to lead our incredible Atlas team as we design and execute our vision for growth and embark on new and exciting opportunities as a private company," he said.

"This is a transformative time for Atlas, and the continued support from Apollo, J.F. Lehman and Hill City will play an important role as we enhance our capabilities and deliver new solutions for our customers."

"I am grateful for John's leadership and look forward to building on this strong foundation of global success.  I also thank Spencer for his partnership and contributions throughout his time with the company."

Siegel thanked Dietrich's leadership over the years and his significant contributions to building Atlas' position as a global leader in airfreight. 

"Under his leadership as CEO, Atlas navigated one of the most dynamic and challenging periods the aviation industry has ever faced, affirming the essential role Atlas serves in the global supply chain," Siegel added.

Dietrich's retirement follows a highly accomplished career at Atlas, where he held numerous leadership roles since 1999.

Through his tenure, the company has significantly expanded and diversified its service offerings, building from a single-gauge 747 ACMI (aircraft, crew, maintenance, insurance) cargo business to many gauges of aircraft, as well as the expansion into express, e-commerce, passenger service and aircraft leasing businesses.  

During this time, the Company also continued to expand its military business in both cargo and passenger sectors.

"I am immensely grateful for my time at Atlas over the last nearly 25 years and proud of all that our exceptional team has achieved together," Dietrich said.

"Being part of Atlas' growth and global expansion has been incredibly rewarding. I know that the Company is well positioned to further accelerate its growth and will continue to deliver value for all stakeholders under Michael's capable leadership."

Meanwhile, Schwartz is retiring from Atlas following a successful 35-year career in finance, including nearly 15 years at Atlas.

Atlas Air said Artem Gonopolskiy, senior vice president, of financial planning and analysis, will assume the role of interim CFO following Schwartz's retirement as the company conducts a formal search process for a permanent successor.