25-Jan-2010 4:45 PM

Udvar-Hazy replaced by Steenland as ILFC Chairman

International Lease Finance Corp founder, Steven Udvar-Hazy, has been replaced as ILFC Chairman by Douglas Steenland, the former CEO of Northwest Airlines (Bloomberg, 24-Jan-2010). Mr Udvar-Hazy retains the CEO role, although he may reportedly step down shortly, possibly replaced by ILFC’s President and COO, John Plueger (Wall Street Journal, 24-Jan-2010). AIG has been attempting to sell ILFC as part of capital raising plans to repay US Government aid. Udvar-Hazy recently led a group which offered to acquire approximately 10% of ILFC’s aircraft portfolio for USD4 billion (Reuters, 25-Jan-2010).