As first reported by Counselor in a Breaking News alert yesterday, Top 40 distributor AIA Corporation (asi/109480) announced that President and CEO David Woods is retiring, and the company has launched a search for a successor. Woods will remain until a replacement is named – a process that AIA expects will take between three and six months. The company says it is considering replacements inside and outside the promotional products industry.

“David Woods has been a very strong leader, only the third CEO in the company’s 36-year history, and one who has managed the company through challenging times and market transitions,” said Tom Lehr, COO and executive vice president of AIA. “The company is grateful for his innumerable contributions and his distinguished tenure within the promotional products industry over the last 25 years.”

Woods, a perennial member of Counselor’s Power 50 , has been with the company for nearly 14 years after joining in February 2003. During his tenure, the distributor nearly doubled sales and achieved a record level of profitability last year. Woods led the company through its 2013 acquisition by private investment firm McNally Capital.

“I’ve been privileged to lead one of the industry’s greatest companies,” said Woods. “After almost 15 years as CEO, 25 years in the promotional products industry and 50 years of professional accomplishment and dedication, the time is right to transfer leadership of AIA to a new generation. I look forward to working closely with the Board of Directors to find my successor and then shift to a series of family and personal projects I’ve wanted to begin.”

AIA Corporation, a regular honoree of Counselor’s Best Places to Work designation, reported 2015 North American promotional products sales of $165.6 million, a 2.1% increase over the previous year. Under Woods’ leadership, AIA has grown its revenues by 30% over the past five years and ranks as one of the 10 largest distributors in the promotional products market.