Storm Exchange Names John Owen to Board of Directors
Former JetBlue CFO Brings Decades of Financial Management Experience
and Valuable Airline Industry Insight to Weather Risk Firm
NEW YORK (Business Wire EON) May 27, 2008 --
Storm Exchange, Inc., a
market leader in weather-risk management services, today announced the
appointment of John
Owen to its board of directors. Owen has extensive airline industry
experience in the low cost airline sector as a senior finance executive
at both JetBlue Airways and
Southwest Airlines. He will be a key financial advisor to Storm
Exchange as it grows its business in weather-sensitive industries,
such as travel, agriculture, energy, retail, construction and outdoor
entertainment.
Owen will also play a pivotal role in helping the company tailor and
further develop its weather-based financial risk management solutions
for the unique needs of the airline industry. The company's current
airline industry offerings include benchmark weather indices, such as
the Storm
Exchange Flight Delay IndexSM, a variety of
weather hedging analytics and WeatherProtected®
consumer programs, which allow airlines to offer customer rebates in
the event of a weather-related delay or cancellation.
“John has proven himself as both a visionary
and a master of the tactical details,” said
David Riker, President & CEO of Storm
Exchange. “His counsel will be invaluable
as we continue to advance the ability of financial executives to
identify, quantify and control weather risk.”
Owen was a member of the team that founded JetBlue Airways where he
served as Executive Vice President and Chief Financial Officer at
JetBlue Airways from 1999 through spring 2006. He subsequently served as
JetBlue's Executive Vice President of Supply Chain and Information
Technology until March of 2007. Prior to joining JetBlue, Owen was
Treasurer and then Vice President for Operations Planning and Analysis
for Southwest Airlines.
“A key part of any financial executive's role
is managing risk,” said Owen. “Every
company operating in a weather-sensitive industry knows that some
portion of its revenues, and often of its expenses, is going to be
adversely affected by Mother Nature, but very few have ever attempted to
quantify that exposure, let alone hedge it in the financial markets.
Storm Exchange is on the cusp of a revolution in corporate financial
management; I look forward to helping drive this change.”
About Storm Exchange, Inc.
Storm Exchange is a leading provider of weather-related financial and
information services. The company helps corporations improve performance
by identifying, quantifying and controlling the impact of weather on
their income and expenses. The company also serves investors and other
financial services providers with solutions that create an investment
advantage through insight into how weather will impact earnings. Storm
Exchange solutions include industry-specific weather indices,
data/analytics, forecasts and hedging programs that address the
fundamental drivers of performance that result from business exposures
to precipitation, wind, temperature and other climate variables. Storm
Exchange is headquartered in New York, and maintains a weather research
center in State College, PA.
Keyword Tags:
chief financial officer, earnings, flight delay, jetblue, john owen,
risk management, southwest airlines, storm exchange, weather hedging,
weather risk
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