THEY ARE OUT THERE LOOKING IN – OPENING THE DOOR TO INVESTORS…….
29th November 2012
Engine Lease Finance Corporation (ELFC) chief executive and president, Tom Barrett, has announced his retirement.
Barrett joined ELFC shortly after its inception in 1990 and since then has been centrally involved in every transaction. Some of the more recent highlights include the 2011 acquisition of the Macquarie engine portfolio, the 2014 acquisition of ELFC by Mitsubishi HC Capital, and the 2017 acquisition of majority of (now 100%) in-house engine parts company, INAV.
After 33 years of leadership and dedication to the company’s success, Barrett will step down from his role at the end of this year. During his time at ELFC, Barrett has fostered a culture of innovation, teamwork, and customer-centricity that the company says continues to define its values.
ELFC’s current chief operating officer (COO), Richard Hough, will succeed Barrett as the new president and chief executive effective from January 1, 2024.
Hough is a 33-year veteran of the industry, having started his career as an apprentice aircraft maintenance engineer in 1990, before joining ELFC in 1997 as technical services manager for a 15-engine portfolio worth $60m.
Hough has been responsible for the development of ELFC’s technical asset management capabilities now managing a 350 engine portfolio worth in excess of $3bn. He previously held the position of chief technical officer from 2011 until his appointment as COO in January 2022.
With a proven track record of accomplishments and a deep understanding of ELFC’s culture and values, the company states that Hough is well-equipped to lead the company into its next phase of growth and innovation.
Darren Wormald, ELFC’s executive vice president and general counsel has been appointed as the new COO, effective from January 1, 2024. Wormald joined the company in 1999 and has worked on its key transactions executed and has provided invaluable legal expertise and guidance during his tenure as general counsel. Wormald took a lead role in guiding the company through the pandemic period managing workout solutions between ELFC and its customers.
Wormald is succeeded as general counsel by senior vice president legal, Bruce Ross. Ross joined ELFC in 2010 as a lawyer and has over 15 years of experience in providing legal advice in the spare engine leasing and finance sector. Ross has worked in the London, Hong Kong, and Singapore offices providing transaction and general legal advice, including advising on several joint ventures and large-volume acquisitions. He will also take up his new role on January 1, 2024.
ELFC has stated that it remains “steadfast in its dedication to excellence, expertise, and customer satisfaction, values that have been ingrained in the company's DNA by Tom Barret’s leadership”, adding that the company looks forward to a promising future under the guidance of its new President & CEO, Richard Hough”.