AeroVironment Appoints Teresa Covington Chief Financial Officer

December 20, 2016

MONROVIA, Calif.--(BUSINESS WIRE)-- AeroVironment, Inc. (NASDAQ:AVAV) today announced the appointment of Teresa Covington as chief financial officer, effective March 1, 2017. Covington will succeed Raymond Cook, who is resigning as senior vice president and chief financial officer, effective February 28, 2017 due to medical reasons.

Wahid Nawabi, AeroVironment president and chief executive officer, said, "The Board of Directors, our employees and I thank Raymond for his service and appreciate his willingness to support Teresa during this transition."

"Teresa has been a critical member of our leadership team since she joined AeroVironment 5 years ago," Nawabi added. "She has 25 years of financial leadership experience and exceptional industry knowledge, including as interim CFO of AeroVironment. I am excited to work closely with Teresa in her new role as we execute our business strategy to continue driving long-term value for our shareholders, customers and employees."

About Teresa Covington

Since joining AeroVironment in 2011, Teresa Covington has provided financial leadership to AeroVironment and its EES business segment and has served as a senior member of the company's finance team. Covington served as the company's interim chief financial officer from February 5, 2015 to July 7, 2015. Covington's responsibilities included financial analysis, planning, accounting, credit and collections as well as launching and leading a new product line management organization.
Prior to joining AeroVironment, Covington served as senior vice president and chief financial officer at Line 6, a global designer and manufacturer of musical instruments now part of Yamaha. Covington earned her master's in business administration from Stanford University Graduate School of Business, a master's in electrical engineering from the University of Southern California and a Bachelor of Science in electrical engineering from the University of Illinois at Urbana-Champaign.


About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) provides customers with more actionable intelligence so they can proceed with certainty.Based in California, AeroVironment is a global leader in unmanned aircraft systems, tactical missile systems and electric vehicle charging and test systems, and serves militaries, government agencies, businesses and consumers. For more information visit www.avinc.com.


Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.


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Contact:
AeroVironment, Inc.
Steven Gitlin
+1 (626) 357-9983
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Mark Boyer
For AeroVironment, Inc.
+1 (310) 229-5956
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