Published on July 26th, 2022 | by Alan Dwyer0
Management Changes at Avolon
Avolon has announced that its Chief Executive Officer, Dómhnal Slattery, has informed the Board of his intention to step down from his executive role and from the Board in 2022. Avolon’s Board has unanimously appointed Andy Cronin, Avolon’s President & Chief Financial Officer, to the role of CEO Designate. In addition, Paul Geaney, Avolon’s Chief Commercial Officer (CCO) is appointed to the role of President & CCO with immediate effect. Dómhnal Slattery is Avolon’s founding CEO and has overseen the growth of the business from the largest private equity backed start-up globally in 2010 to becoming the world’s second largest aircraft lessor with a balance sheet in excess of US$30 billion. Having served for 12 years and built a business with a market-leading team and franchise, he has elected to step down from his executive role and will now pursue a range of other interests in a non-executive capacity. Dómhnal will work closely with new CEO Andy Cronin over the coming months, to ensure an effective transition of leadership.
Founded in 2010 and following four years of private equity ownership, Avolon was listed on the New York Stock Exchange in December 2014. Avolon has grown into the second largest aircraft lessor with total assets of over US$30 billion As of 30 June 2022, Avolon has an owned, managed and committed fleet of 851 aircraft, serving 146 airline customers in 62 countries.
The changes in the management structure at Avolon came as the company announced its results for the second quarter of 2022, which showed the firm’s lease revenue fell by 11.6% to $539m. The company’s operating cashflow improved significantly to $305m, compared to $195m in the same three months of 2021. Avolon reported a net income of $8m, down from $64m a year before.
Commenting following the announcement the outgoing Avolon CEO, Dómhnal Slattery said, “We have built Avolon from a start-up 12 years ago to become a global industry leader. It has been a privilege to lead the business and serve as its CEO since its foundation. Avolon is incredibly fortunate to have an individual of Andy Cronin’s calibre to lead it on the next stage of its journey. Our ambition was to build a global leader with a team which would be recognised as the industry’s best. We have achieved that and I would like to thank our TRIBE – both past and present – and all of our industry partners and stakeholders for their commitment to realising the vision we had in 2010. The legacy of any CEO is the team they build. I am proud to step away from Avolon, leaving the business in a strong financial and competitive position, and in the hands of a leadership team which I know will continue to excel.”
Also commenting was CEO Designate, Andy Cronin who said, “Avolon is a truly great business with an incredibly talented and motivated team. I look forward to leading the company through our next phase of development and building on the success of the past 12 years as we continue to innovate, evolve and grow. Dómhnal has led Avolon to become an industry-leading business and made an outstanding contribution to the global aviation industry during a career spanning over 30 years. On behalf of everyone at Avolon, I would like to thank him for his commitment to the business as we have navigated our course to becoming an industry leader.”