Avolon, the international aircraft leasing company, announces that its Chief Executive Officer (CEO), 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 (CFO), 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.
Andy Cronin is a globally recognised leader within the aviation industry, having held an array of senior roles across the sector for more than 20 years.
As part of the founding team, and serving as Avolon’s CFO for the past 12 years, Andy has played a central role as CFO and member of the Executive Committee in building the company to the industry-leading position it holds today.
In addition to his CFO role, he has served as President of Avolon since July 2021.
Dómhnal Slattery, Avolon CEO, commented: “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 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.”
Andy Cronin, CEO Designate, commented: “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.”