HEICO executive chairman Laurans Mendelson dies at 87

HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) announced that Executive Chairman Laurans A. Mendelson died on September 27 at age 87. The aerospace and defense company stated his sons Eric A. Mendelson and Victor H. Mendelson, who serve as Co-Vice Chairmen and Co-Chief Executive Officers, have been named Co-Chairmen of the board following succession plans previously approved by directors.

The company said it does not anticipate changes to business or operations following Mendelson's death. Both sons will retain their roles as Co-Chief Executive Officers.

Mendelson and his sons assumed control of HEICO in 1990 after becoming the largest shareholders. At that time, the company reported $26 million in net revenues with a similar market capitalization. Under his leadership, HEICO grew to approximately $39 billion in market capitalization with revenue approaching $4.5 billion and about 11,000 employees worldwide across 164 facilities in 15 countries and 29 U.S. states.

The company manufactures aerospace and defense components used on commercial airliners, business jets and defense platforms. HEICO reported that $100,000 invested when the Mendelson family took control would be worth over $130 million, representing a compound annual growth rate of nearly 23%.

Mendelson served as Chairman and Chief Executive Officer from 1990 until earlier this year when he became Executive Chairman. He also held the President role from 1990 to 2009.

"We and HEICO were fortunate to have benefitted from a remarkable leader and businessman who practiced excellence, honesty and quality in everything he did," Eric and Victor Mendelson said in a joint statement.

Mendelson is survived by his wife of 63 years, Arlene, two sons, six grandchildren and one great-grandchild.

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