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Army & Air Force Exchange Service
The Army & Air Force Exchange Service was established to operate retail exchanges serving military personnel. Tom Shull has served as Director and CEO since...
Army & Air Force Exchange Service
The Army & Air Force Exchange Service was established to operate retail exchanges serving military personnel. Tom Shull has served as Director and CEO since 2012 and is scheduled to retire in July 2026. Brad Bingham, previously Deputy Director and CFO, will assume the CEO role at that time. Lt. Gen. Caroline M. Miller chairs the board. Asset deployment centers on owned real estate and logistics facilities. Confirmed holdings include the Germersheim Distribution Center in Germany, the Dan Daniel Distribution Center in Newport News, Virginia, and the Korea Distribution Center at U.S. Army Garrison Humphreys. Additional sites operate in Gruenstadt, Germany. The firm ranks #51 among Top 100 Retailers according to the National Retail Federation and participates in Association of Defense Communities forums. Geographic reach spans North America, Europe, and Asia. Philanthropic vehicles include the Air Force Assistance Fund and Army Emergency Relief. No recent operational events from the last 24 months appear in available records. The structure combines pension-fund asset ownership with direct operation of retail and distribution businesses serving a defined military constituency.
General information
Firm type
Pension Fund
Year founded
1895
Location
Region
North America
Country
United States
City
Dallas
Corporate office
3911 South Walton Walker Boulevard, Dallas, TX 75236, United States
Additional offices
Germersheim, Germany · Newport News, VA, United States · U.S. Army Garrison Humphreys, South Korea · Gruenstadt, Germany
Principals
Tom Shull
Director/CEO
Brad Bingham
Incoming CEO
Lt. Gen. Caroline M. Miller
Chair of the AAFES Board of Directors
Sector focus
Frequently asked questions
Who runs investment decisions at Army & Air Force Exchange Service?
Tom Shull has served as Director and CEO since 2012. Brad Bingham, current Deputy Director and CFO, will succeed him in July 2026. Lt. Gen. Caroline M. Miller chairs the board.
Does Army & Air Force Exchange Service participate in fund commitments or only direct deals?
Available records show ownership of physical distribution centers and retail partnerships rather than external fund commitments or co-investments.
Where does the underlying wealth come from?
The organization operates retail exchanges for U.S. military personnel and reinvests proceeds into supporting infrastructure and benefits programs.
What is Army & Air Force Exchange Service's known posture on co-investments alongside external GPs?
No information on external GP co-investments is present in the records.
How is Army & Air Force Exchange Service related to its philanthropic structures?
It maintains separate vehicles including the Air Force Assistance Fund and Army Emergency Relief.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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