Udvar-Hazy leaves ILFC

A GENERATION in aviation history comes to an end today with the news that Steven Udvar-Hazy (pictured) is retiring as director and chief executive of AIG’s International Lease Financing Corp aircraft-leasing unit, with effect from today.

Mr Udvar-Hazy is leaving the Los Angeles-based company that he co-founded in 1973 following AIG’s efforts to sell the unit to help pay off its near $100bn debt to the US government.

That sale is reportedly now a low priority for AIG, which has said that it will support the company at least through 2010. AIG chief executive Robert Benmosche said that “ILFC and AIG are confident in the long-term potential of ILFC as a leader in its marketplace”.

ILFC president John Pleuger is to succeed Mr Udvar-Hazy as acting CEO while UILFC considers its long-term management. The company owns more than 1,000 aircraft, leasing them out to airlines worldwide.

Under AIG’s previous CEO Ed Liddy the plan had been to sell off all or part of ILFC to pay down debt, and Mr Udvar-Hazy had expressed an interst in buying part of the plane portfolio and the ILFC brand. However, the negotiations foundered and, when Mr Benmosche took over, the whole “firesale” process was halted.