Long time CEO of International Lease Finance Corporation (ILFC) Steven Udzar-Hazy stepped down from the lessor on February 5, after parent American International Group (AIG) decided not to sell the company.
“On behalf of AIG, I would like to thank Steve for his tireless service to ILFC,” said Robert H Benmosche, AIG president and CEO. “We are grateful for the work he has done to continue ILFC’s leadership in the industry.”
Udvar-Hazy co-founded ILFC in 1973 with Leslie and Lou Gonda. In 1990 the company was acquired by AIG, but Udvar-Hazy stayed on as its chairman and CEO, and most recently was part of a consortium which aimed to buy out the company from its distressed parent. However, with AIG choosing to retain ILFC, some reports claim that Udvar-Hazy’s position ultimately became untenable, with AIG replacing him as chairman of the company in favour of former Northwest Airlines CEO Doug Steenland in December.
AIG has announced that ILFC president and chief operating officer John Plueger will take over as CEO of the lessor.
“ILFC and AIG are confident in the long term potential of ILFC as a leader in its marketplace,” Benmosche said. “ILFC and AIG, overseen by the special committee of ILFC’s board, have worked to enhance ILFC’S long term potential, including its funding requirements and to manage its portfolio in the best interests of all ILFC constituencies. We anticipate selling some ILFC assets in the future, and we continue to review other options, including accessing the capital markets through secured debt financing.”