*Dómhnal Slattery supporting the Clare senior hurlers in Cusack Park. Photograph: Gerard O’Neill

ENNIS native Dómhnal Slattery has announced he is to step down as Chief Executive of Dublin-based aviation leasing company Avolon later this year.

Slattery is the founding CEO of Avolon 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 $30 billion. He established Avolon after a career in aviation financing with Guinness Peat Aviation and GECAS.

In recent weeks, Dómhnal informed the Board of his intention to step down from his executive role and position on the Board in 2022. He is to pursue other interests in a non-executive capacity following his departure, the company have confirmed.

Andy Cronin, Avolon’s President and Chief Financial Officer has been appointed to the role of CEO Designate, current Chief Commercial Officer Paul Geaney becomes President and CCO with immediate effect.

With the sale of Avolon to Chinese firm Bohai for €1.2bn in 2015, Dómhnal made €32m. He made his first big splash when he sold his first aviation business, International Aviation Management, to RBS for €45m in 2001.

On his looming departure, Dómhnal said, “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”.

He added, “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”.

Second quarter results of this year for Avolon showed the firm’s lease revenue fall by 11.6% to $539m. Its operating cashflow improved significantly at $305m, compared to $195m in the same three months of 2021.

Avolon reported net income of $8m, down from $64m a year before. For the first half of the year the company had a $173m net loss, which was due to the substantial write-down it had to take after being unable to reclaim its Russian-based aircraft following the country’s invasion of Ukraine. As of the end of June it owned and managed a fleet of 591 aircraft, with orders and commitments for 260. It has 146 airline customers in 62 countries.

A part-owner of Egan’s Pub in Liscannor, the Slattery family have a second home at Caherycahill outside the coastal village. His main home was purchased for €5.6m in 2017 and is located on the country’s most prestigious residential address at Shrewsbury Rd in Dublin 4. In May, he was conferred the award of Doctor of Philosophy by Dublin City University.

Fellow Ennis native, Ciara Ruane currently works as the Chief People Officer of Avolon. She primarily served as Group Director of People and Culture at Primark.

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If you’re here, you care about County Clare. So do we. Did you rely on us for Covid-19 updates, follow our election coverage, or visit The Clare Echo every week for breaking news and sport? The Clare Echo invests in local journalism and we want to safeguard its future in our county. By becoming a subscriber you are supporting what we do, will receive access to all our premium articles and a better experience, while helping us improve our offering to you. Subscribe to clareecho.ie and get the first six months for just €3 a month (less than 75c per week), and thereafter €8 per month. Cancel anytime, limited time offer. T&Cs Apply. www.clareecho.ie.

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