With his work ‘done,’ Norris leaves Mooney

 - May 5, 2008, 6:52 AM

Roy Norris resigned his position as president and CEO of Mooney Aerospace Group and chairman of its board of directors on August 20, saying that the company is now on solid ground and that his position there had always been “temporary.”

His job began in January this year when he was invited by investors in the Long Beach, Calif.-based Advanced Aerodynamics and Structures Inc. (AASI) to take over and reevaluate its future and its commitment to the protracted Jetcruzer program.

Norris axed the Jetcruzer, installed a new management team and proceeded to engineer the acquisition of Mooney Aircraft, a purchase that salvaged the Kerr-ville, Texas manufacturer from the throes of bankruptcy. With that acquisition and merger of the two companies’ assets, the new Mooney Aerospace Group emerged.

Mooney has accomplished several goals this year, including delivering its first completed airplane in July and receiving the production certificate for its three piston models, but investors are still wary. Company stock was listing for about 12 cents a share last month, down from 40 cents a share after Norris took the helm at AASI in January.

Succeeding Norris is Peter Larson, who had been brought into the company as part of the new management team and was previously serving as its COO and CFO.

According to Mooney’s most recent SEC filing, Norris’ severance package totaled $225,000 in cash payments, including $60,000 in consulting fees, $65,000 in a severance bonus and $100,000 to be paid in five equal monthly payments. He will also be awarded 1.5 percent of the company’s Series A common stock and, within five days of receipt of the funds, an additional bonus equal to 2 percent of the amount invested in or loaned to Mooney by an unidentified investor.