Cirrus Resolves Loan Issue, Names New President
Cirrus executives got what they wanted from the city of Grand Forks. N.D., this week -- not only the $950,000 loan they had requested, but also an apology. Last week, city official Doug Christensen raised questions about Cirrus's ability to repay the loan, and William King, vice president for business administration at Cirrus, tried to explain that his concerns arose from a misinterpretation of the company's financial reports. On Monday night, Christensen apologized for how he "conducted the meeting … [and] addressed Mr. King," and the city approved the loan, which will go to buy an autoclave for Cirrus's Grand Forks manufacturing facility. Cirrus also announced this week the appointment of a new president for the company, Patrick Waddick.
Waddick, the company's chief operating officer, will assume the title of president as well, Cirrus said on Tuesday. Dale Klapmeier will retain his role as CEO but said he will "hand over day-to-day responsibility of the business to Pat." Waddick has been with the company since 1988, starting out as an engineer. In his new role, he will have responsibility for daily operations, including sales and service, manufacturing and supply chain, product development and administration. "There is no more qualified, capable or proven leader to take the enterprise to the next level," Klapmeier said. "With Pat running the daily operation, now I can spend more time with our customers, dedicate more energy to developing exciting new products and play an even larger role in making access to flight a reality for more people around the world."