A state-of-the-art manufacturing facility representing Verus Aerospace's commitment to quality.
Joyce Pae transitions from CFO to focusing entirely on her role at Verus Aerospace, following her recognition as CEO of the Year. This shift comes after a significant corporate split, allowing her to strategize and enhance operations amidst a recovering aerospace industry. Verus aims to expand military contracts and leverage its substantial manufacturing capabilities while maintaining quality and safety standards.
In Anaheim, CA, a significant shift is underway at Verus Aerospace as Joyce Pae, the company’s former CFO, is now dedicating her efforts solely to this aviation enterprise after an impressive tenure that recently earned her the coveted title of CEO of the Year at the Business Journal’s Awards. This transition comes on the heels of a major corporate split that has reshaped the spectrum of her responsibilities.
Prior to the change, Pae managed the financials of both Verus Aerospace and the newly formed Kinetic Engine Systems, a company that zooms in on manufacturing engine components. Despite overseeing two balance sheets, Pae’s leadership was instrumental in steering Verus Aerospace through the turbulence of the pandemic. This award-winning CFO didn’t just keep the lights on—she ensured the business flourished even during trying times.
After the split, which officially took place in May 2023, Kinetic Engine Systems welcomed John Stockman as their new CFO, paving the way for Pae to focus her sights firmly on Verus Aerospace. This newfound concentration has her feeling invigorated. The decision allows Pae to dedicate herself fully to enhancing operations and strategizing the future of Verus Aerospace.
Before the split, Verus and Kinetic collectively boasted a robust combined revenue of approximately $600 million and employed around 2,000 individuals across their operations. While pausing to assess the situation, Pae mentioned that although revenue growth may seem stagnant, profit margins are on the upswing thanks to smart choices in contract selection. This approach signals a method of discerning which partnerships yield the best returns, an essential maneuver in today’s competitive landscape.
The aerospace sector is currently enjoying a promising revival after facing significant challenges in recent years. Factors like the temporary grounding of Boeing 737 Max planes and a seven-week strike involving 33,000 Boeing machinists had previously complicated matters for suppliers. However, with conditions steadily improving, Verus Aerospace is well-positioned to benefit from this upswing.
Verus’s primary focus remains on serving the commercial sector, but the company has set its sights on securing a bigger chunk of military contracts. The advantage? The company is increasingly recognized for its prowess in the aerospace industry, and there’s a growing need for high-quality parts that meet rigorous safety standards.
Verus Aerospace stands tall with over 500,000 square feet of manufacturing space scattered across locations in Torrance, Wichita, and Tacoma, bolstering their production capacity. What sets them apart? Verus Aerospace prides itself on being more vertically integrated than many of its peers, even managing necessary chemical processing in-house. This process is crucial because all aerospace parts must undergo this chemical treatment to guarantee durability and adherence to original equipment manufacturer (OEM) specifications.
Pae emphasizes that producing top-notch parts is not just a business goal; it’s a critical mandate driven by safety implications. By managing their chemical processing internally, Verus Aerospace avoids hefty premium fees that other firms might incur, providing them with a notable edge in the industry.
In this energetic chapter for Verus Aerospace, the changes brought about by Pae’s focus may very well lead to exciting opportunities and growth, showcasing the resilience and innovation that defined her career thus far. As we watch this new journey unfold, it’s undeniable that Verus Aerospace is soaring towards a promising future, one that holds a world of possibilities.
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