Steven Udvar-Hazy Retires from ILFC
The founder of International Lease and Finance Company (IFLC) and the “father” of the aircraft lease business, Steven Udvar-Hazy, retired Friday from the company that he established in 1973. He was unsuccessful in purchasing part of the aircraft leasing fleet from insurance giant American International Group (AIG).
Udvar-Hazy invented the leasing business in 1972 when he arranged to lease a Boeing 727 from Alaska Air to another airline when Alaska Air could not make the payments. He started ILFC in 1973 and quickly, the airlines realized the benefits of leasing aircraft as opposed to buying their own aircraft and the company quickly grew. In 1990, Udvar-Hazy sold the company to AIG for $1.3 billion. ILFC continued to grow with a portfolio of more than 1,000 aircraft and became an important buyer for both Boeing and Airbus. He also became an influential force in the design of the aircraft that is now known as the Boeing 787 Dreamliner. His future plans are not known.
Editor’s note: Mr. Udvar-Hazy’s retirement from the aviation world may give him the opportunity to expand his acting and singing career…