Wahid Nawabi, chief executive of the Simi Valley unmanned aircraft developer and manufacturer, was unanimously elected by the board to replace Conver as chairman.
Conver joined the board in 1988 and served as chief executive of the company from 1992 to 2016, when Nawabi took on that position. Conver became chairman of the board of directors in 2007, upon the retirement of founder Paul MacCready Jr.
Nawabi thanked Conver for his vision, determination and guidance.
“Tim’s leadership and mentorship have resulted in countless American and allied lives saved as a result of our innovative (unmanned aircraft systems),” Nawabi said in a statement.
The shareholders meeting typically takes place in September and the date will be released in the company’s annual proxy statement.
Shares of AeroVironment closed Tuesday up 22 cents, or a fraction of a percent, to $103.35 on the Nasdaq, on a day when that market closed down a fraction of a percent.