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Udvar-Hazy of ILFC Will Depart AIG Unit

Posted on 25 Jan 2010

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According to sources, Steven Udvar-Hazy, the chief executive and a founder of aircraft-leasing company International Lease Finance Corp. -- who tried to extricate the firm from its struggling parent, American International Group Inc. -- is expected to leave the company as soon as this week.

AIG has been trying to sell ILFC, one of the two biggest aircraft-leasing companies in the world, for the past year. The company may name John Plueger, currently ILFC's president and chief operating officer, to succeed Mr. Udvar-Hazy as chief executive, according to a person familiar with the matter. Discussions on the succession plan are continuing, said another individual.

Mr. Udvar-Hazy, who turns 64 years old in February, was succeeded last month as chairman of ILFC by Douglas Steenland, an AIG board member and the former president and CEO of Northwest Airlines. That change wasn't announced by ILFC or AIG. Mr. Udvar-Hazy has made no comment about his imminent departure.