Matt Molnar
2010-01-25, 12:36 AM
Udvar-Hazy Replaced by AIG Director Steenland as ILFC Chairman (http://www.bloomberg.com/apps/news?pid=20601087&sid=a1HHuREIwNI8&pos=4)
By Jeran Wittenstein and James Gunsalus
Jan. 24 (Bloomberg) -- Steven Udvar-Hazy, chairman of the airplane-leasing unit American International Group Inc. is trying to sell, has been replaced by Douglas Steenland, the former chief executive officer of Northwest Airlines Inc., according to International Lease Finance Corp.’s Web site.
Udvar-Hazy, who remains CEO of the aircraft lessor he founded, may leave the company as early as this week, the Wall Street Journal reported today, citing unidentified people familiar with the situation. John Plueger, ILFC’s president and chief operating officer, may be named Udvar-Hazy’s successor, the newspaper said.
AIG has been trying to sell the Los Angeles-based leasing business as the insurer seeks to raise capital to help repay $182.3 billion in aid from the U.S. government. Udvar-Hazy, 63, has had to turn to parent AIG for funds from the bailout after the market for securities issued by the biggest customer of Boeing Co. and Airbus SAS dried up following the failure of Lehman Brothers Holdings Inc. in 2008.
By Jeran Wittenstein and James Gunsalus
Jan. 24 (Bloomberg) -- Steven Udvar-Hazy, chairman of the airplane-leasing unit American International Group Inc. is trying to sell, has been replaced by Douglas Steenland, the former chief executive officer of Northwest Airlines Inc., according to International Lease Finance Corp.’s Web site.
Udvar-Hazy, who remains CEO of the aircraft lessor he founded, may leave the company as early as this week, the Wall Street Journal reported today, citing unidentified people familiar with the situation. John Plueger, ILFC’s president and chief operating officer, may be named Udvar-Hazy’s successor, the newspaper said.
AIG has been trying to sell the Los Angeles-based leasing business as the insurer seeks to raise capital to help repay $182.3 billion in aid from the U.S. government. Udvar-Hazy, 63, has had to turn to parent AIG for funds from the bailout after the market for securities issued by the biggest customer of Boeing Co. and Airbus SAS dried up following the failure of Lehman Brothers Holdings Inc. in 2008.