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AIG Unit CEO To Retire

AIG and International Lease Finance (ILFC) said that Steven Udvar-Hazy will retire as director and chief executive officer of ILFC, effective February 5, 2010.

The company said that it is considering president John Plueger to succeed Mr Udvar-Hazy as acting CEO.

Mr Plueger has worked at ILFC for 23 years and has served as its president and chief operating officer since 1995. He has been responsible for organizing ILFC’s worldwide sales and marketing efforts, its relationships with the major airframe and engine manufacturers, and all company support for those activities.

Robert Benmosche, president and chief executive officer of AIG, said: “On behalf of AIG, I would like to thank Steve for his tireless service to ILFC. We are grateful for the work he has done to continue ILFC’s leadership in the industry.

“ILFC and AIG are confident in the long term potential of ILFC as a leader in its marketplace. ILFC and AIG, overseen by the special committee of ILFC’s board, have worked to enhance ILFC’S long term potential, including its funding requirements and to manage its portfolio in the best interests of all ILFC constituencies.”