By Sangeeta Saxena
- Leadership Transition at Air Lease Corporation
- Executive Chairman Hazy to Chairman of the Board of Directors Hazy
New Delhi. 14 March 2025. Here is an announcement that really makes the aviation world feel happy and sad at the same time. Happy that the man who probably never took a day off will get a much deserved holiday and sad because he will leave a void in the leasing and finance of the aviation sector which will never filled. Very rarely have people made themselves synonymous with the industry they helped create – Steven Udvar Hazy is one such rare professional.
Air Lease Corporation announced that Executive Chairman Steven Udvar-Házy will retire on May 2, 2025, following the Company’s 2025 Annual Meeting of Stockholders. Udvar-Házy will continue to serve on the Company’s Board of Directors as non-executive Chairman until the Company’s 2026 annual meeting of stockholders. As Steven Hazy is all set to step into a well-earned chapter of his life, colleagues and friends at Air Lease Corporation are probably finding it difficult to put into words just how much his leadership, vision, and unwavering commitment have meant to them.
Hazy, a visionary leader and industry pioneer, has played a crucial role in shaping the global aircraft leasing market. Under his leadership, Air Lease Corporation expanded its presence, securing its position as a key player in aviation finance. His passion for the sector, strategic foresight, and unwavering commitment to innovation left an indelible mark on the company and the industry at large.
Steven F. Udvar-Házy serves as Executive Chairman of the Board. Udvar-Hazy launched Air Lease Corporation in February 2010 and brings more than 55 years of aviation industry experience to the company. In 1973, he co-founded the aircraft leasing business that became International Lease Finance Corporation (ILFC). Udvar-Házy led ILFC as Chairman and Chief Executive Officer until his departure in 2010. Udvar-Házy is a former director of SkyWest, Inc. and now serves as a senior strategic advisor to the SkyWest Board of Directors. He is an FAA Airline Transport Pilot with type ratings on multiple jet aircraft and has over 45 years of experience flying jet aircraft.
Udvar-Házy received his Bachelor of Arts degree from the University of California, Los Angeles (UCLA) and has been awarded several honorary doctorate degrees. Udvar-Házy has been the recipient of numerous awards, including the Wings Club Distinguished Achievement Award, The Howard Hughes Memorial Award from the Aero Club of Southern California, The Wright Brothers Memorial Trophy from the Aero Club of Washington, The Living Legends of Aviation Award, the ISTAT Award, the Air Force Vandenberg Award, Officier de la Légion d’Honneur awarded by the Republic of France, and most recently the Grand Cross of the Order of Merit of Hungary.
Udvar-Házy founded Air Lease Corporation in 2010 and served as Chairman and Chief Executive Officer until 2016, at which time he became Executive Chairman. During Udvar-Házy’s tenure at ALC, he has helped oversee the Company’s tremendous growth, foster deep, long-term relationships with customers and built a valuable portfolio with over $32 billion in total assets. These actions have created a track record of delivering results and stockholder value, with over $750 million in capital returned to stockholders since the Company became publicly traded in 2011.
“The aviation industry has been my passion since a young age, and it has been incredible to see how far we have come. I am very proud of the success we have achieved since founding ALC over 15 years ago and the role we have played in supporting airline customers around the world,” said Udvar-Házy. “John and the dedicated leadership team will continue to build on our strong foundation and support our airline and OEM partners. I am very confident in the long-term strength of the business, and ALC is well positioned to capture the meaningful opportunities ahead to deliver for our customers and create value for stockholders.”
With his career in aviation spanning 60 years, Udvar-Házy played a critical role in the inception of the aircraft leasing industry. After starting an airline consulting business early in his career, Udvar-Házy created an aircraft leasing company where he began brokering aircraft. In 1973, Udvar-Házy proceeded to co-found and lead International Lease Finance Corp. (“ILFC”), which was sold to AIG for $1.3 billion. Udvar-Házy led ILFC until his retirement in 2010. ILFC helped transform the aviation landscape with the commercialization of operating leases, enabling airlines significantly greater flexibility in business operations.
“I have had the absolute pleasure of working closely with Steve in the airline industry for nearly 40 years, during which time he has served as an amazing mentor, business partner and friend as we operated and scaled two industry-leading aircraft leasing companies,” said John Plueger, Chief Executive Officer and President. “Steve’s invaluable knowledge and customer-centric ethos is deeply embedded within our company – and his devotion to all things aviation, along with his inherent drive to deliver operational excellence permeates our culture. Our team is committed to delivering value for stockholders, including building on our young existing $28 billion fleet, $17 billion orderbook of new technology and fuel-efficient aircraft positions, as well as our valued customers and partners across the industry.”
While Hazy’s retirement will mark the end of his tenure at Air Lease Corporation, his influence is expected to endure. His contributions to the aircraft leasing industry have shaped its growth and his legacy will continue to inspire professionals in the field. For decades, Hazy has been more than just a Chairman—he is a mentor, an inspiration, and the driving force behind the company’s success. His passion for aviation and relentless pursuit of excellence shaped not just Air Lease Corporation but the entire aircraft leasing industry.
“On behalf of the entire Board, I want to thank Steve for his commitment and service to the Company, our customers and the industry,” said Robert Milton, Lead Independent Director of the Board. “As a visionary in the industry, Steve’s unrelenting dedication, deep understanding of customer needs, and entrepreneurial spirit will leave a lasting mark on ALC and aviation at large. We have full faith and confidence in John and the management team propelling ALC into its next chapter.”
The Steven F. Udvar-Hazy Center, also known as the Udvar-Hazy Center, named after this living legend of aviation, serves as the annex of the Smithsonian National Air and Space Museum (NASM) at Dulles International Airport in Chantilly, Fairfax County, Virginia. The facility houses a vast collection of aviation and space artifacts, including the Space Shuttle Discovery, the Enola Gay, and the Boeing 367-80, the prototype for the Boeing 707 airliner. Spanning 760,000 square feet (71,000 m²), the center was made possible by a $65 million donation in October 1999 from Steven F. Udvar-Házy.
He has built a legacy that will continue to soar, much like the countless aircraft he helped put in the skies. As he is set to embark on this new journey, everyone on the aviation world wishes him blue skies, tailwinds, and endless joy.
