Lawrence S. Hershfield has been the chairman of our Board of Directors since July 2004.

Hershfield served as our president and CEO from June 14, 2004 through June 2, 2005. He has been the CEO of Ranch Capital, LLC, which he founded to pursue investments in undervalued or distressed assets or companies, since October 2002. Since June 2004, he has been the CEO and president of RC Aviation Management, LLC (“RC Aviation Management”), the managing member of RC Aviation LLC (“RC Aviation”).

He served as chairman of the Board of Premier Entertainment Biloxi, LLC, which owns the Hard Rock Hotel and Casino in Biloxi, Mississippi, from June 2006 through September 2011 and serves as an advisor to the Board of Berkadia Commercial Mortgage Servicing Inc., the third‑largest U.S. commercial mortgage servicer, owned by a joint venture of Berkshire Hathaway Inc. and Leucadia National Inc. From 2006 through 2009, Hershfield served as a trustee of the Stanford University Business School Trust, and recently was appointed to the advisory board of the Stanford Center for Longevity.

Hershfield received a bachelor's of science degree in biology from Bucknell University (1977) and has a masters of business administration degree from Stanford University Graduate School of Business (1981). Hershfield serves as Chairman of the Executive Committee and member of the Governance and Nominating Committee.

Hershfield contributes an in-depth familiarity with the company, its operations and its history resulting from his prior service as its CEO and years of service as its chairman, as well as a breadth of experience gained from serving as a director or officer of, or investor in, public and private companies in a variety of industries.