Avolon completes executive reshuffle following founder’s departure

Aircraft lessor Avolon has completed a reshuffle of its executive committee following the departure of chief executive Dómhnal Slattery, who announced earlier this year his intention to stand down from the role he held for 12 years.

In a statement on Wednesday, the company said Avolon’s head of capital markets Ross O’Connor, who joined the company one year after its foundation in 2011, has been appointed chief financial officer. The vacancy was created when former president and chief financial officer Andy Cronin was unanimously selected by Avolon’s board to replace Mr Slattery as chief executive designate.

The company said on Wednesday that following “a successful transition period”, Mr Cronin has now assumed the role of chief executive after Mr Slattery formally stood down on October 1st.

Felipe Campos, Avolon’s chief technical officer, has also been appointed chief operating officer, while Jim Morrison, head of portfolio management, has been appointed chief risk officer.

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Mr Cronin said the appointments would strengthen the aircraft lessor’s leadership team.

“The appointment of Ross, Felipe and Jim, directly from our senior management team, underlines the strength and depth of the people within our business,” he said in a statement.

[ Avolon chief executive Slattery to step down ]

“All three have the experience, proven leadership qualities and deep industry expertise to excel in their roles and make a significant, positive contribution on the next stage in Avolon’s journey.”

Separately on Wednesday, rival aircraft lessor AerCap announced it has signed lease agreements with Gol for six 737-800 Boeing converted freighter aircraft, three of which will be delivered this year. The assets will be based in Brazil and will be operated for a Latin-American ecommerce company, AerCap said in a statement.

The Dublin-based company is embroiled in litigation with insurer AIG in the UK over more than 100 of its planes that were seized by their Russian operators.

AerCap believes it has a valid claim for the loss of 116 aircraft and 23 spare aircraft engines worth $3.5 billion (€3.8 billion) that the company has failed to recover from Russian operators since February 25th, the day after Russia launched its invasion of Ukraine.