Limerick-based Nordic Aviation Capital (NAC) has announced the promotion of Jennifer Creevey to Deputy CEO effective 9th September. Jennifer has been NAC CFO since May 2023 and will continue to report to the CEO and retain all her current responsibilities in Finance and IT. Previously, Jennifer was CFO of DAE Capital from 2017 to 2022. From 2008 to 2017, she was with AWAS, a firm subsequently acquired by DAE, where her last role was as Chief Accounting Officer.
Norman C.T. Liu, President & CEO of NAC, said “Jennifer has been an outstanding CFO and high impact business partner since joining last year and will be a pivotal player as we pursue and implement various strategic alternatives in the near future.”
NAC was founded in 1990 in Denmark. For the first 25 years, the business focused on turboprops. From 2015 to 2020, it doubled its fleet principally by expanding into regional jets. During January 2020, the Company moved to a new headquarters in Ireland and its fleet value peaked at about $7 billion with over 500 aircraft owned, managed and committed. Due to the pandemic crisis, lack of adequate equity and various portfolio issues, NAC underwent a major financial restructuring during late 2021.
A new senior management team, ownership group and Board of Directors were then established. The company emerged successfully during June 2022 with a much-improved balance sheet and financial position including over $500 million of liquidity and growth capital. The fleet at exit was over 370 aircraft owned, managed, and committed with assets of over $3 billion and significantly reduced debt. The Company intends to remain a global leader in regional aircraft leasing and is also expanding into larger narrowbody aircraft such as new/ used 737 and A320 family members. NAC is currently the only lessor with orders for new ATR turboprops, A220s and A321neos. The company has over 60 airline customers in over 40 countries.
This week NAC confirmed that it has sold one ATR 42-500 to Loganair, based in Glasgow and has also successfully completed the sale of 8 regional aircraft to TrueNoord (seven E190s and one Dash 8-400)
