Jeffrey Steiner Resigns from Fairchild

Fairchild Corp. founder Jeffrey Steiner has resigned as CEO and director of the company due to illness. Effective May 13, he resigned as chairman of the board. He will remain a strategic consultant.

Fairchild chairman Philip Sassower and Eric Steiner, president and COO, will share responsibilities as acting CEOs. Sassower is managing director of Phoenix, Fairchild's largest shareholder. Eric Steiner is the son of Jeffrey Steiner and has been with Fairchild since 1991.

Fairchild's business consists of three segments: PoloExpress, Hein Gericke and Aerospace. Fairchild's PoloExpress and Hein Gericke businesses design and sell motorcycle protective apparel, helmets and a large selection of technical accessories for motorcyclists. Together, Hein Gericke and PoloExpress operate 234 retail shops in Germany, the United Kingdom, Austria, Belgium, France, Italy, Luxembourg, the Netherlands, Switzerland and Turkey. Fairchild's aerospace segment is engaged in the aerospace distribution business which stocks and distributes a wide variety of parts to operators and aerospace companies providing aircraft parts and services to customers worldwide.

Fairchild Corp. acquired Intersport Fashion West, Inc. (IFW), from EuroBike Vermoegensverwaltungs GmbH of Germany, a unit of Eurobike AG, in 2003. IFW, formerly of Tustin, Calif. was a designer and distributor of motorcycle apparel, boots and helmets, under several labels including First Gear and Hein Gericke. In addition, IFW designed and produced apparel under private labels for third parties, including Harley-Davidson.