RCS - Aircraft Engine - AELF Appoints Philip Scruggs to Board of Directors

AerCap Holdings NVAnnouncement

17/07/2023 18:15

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RNS Number : 2745G  Aircraft Engine Lease Finance, Inc.  17 July 2023

AELF Appoints Philip Scruggs to Board of Directors

CHICAGO, IL / ACCESSWIRE / July 17, 2023 / Aircraft Engine Lease Finance, Inc.
("AELF") announced today that it has appointed Philip Scruggs to its Board of
Directors. Scruggs brings more than 25 years of experience in the commercial
aircraft leasing industry to the US-based leasing and trading company.

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Scruggs spent more than two decades with AerCap (and previously International
Lease Finance Corporation), the world's largest commercial aircraft leasing
company. During that time, Scruggs held a variety of legal and commercial
positions, culminating in his appointment as Chief Commercial Officer and
President of the company.

"We are truly honored to welcome Phil to our Board of Directors during a very
exciting time for our business. As a well-regarded fiduciary, Phil's depth of
experience in the industry makes him a substantial addition to our leadership
team during this period of growth," said Victoria Ricks, spokesperson for
AELF.

AELF is a shareholder in Maleth Aero AOC, a European ACMI airline that serves
airlines, governments, corporations, leasing companies and others. In addition
to commercial aircraft leasing and trading, the group offers a full spectrum
of wet and dry leasing solutions.

"I believe AELF and Maleth Aero have an ingenuitive business model and bright
team," Scruggs said. "They are offering a unique combination of wet and dry
leasing solutions that has not been offered in the market before. Their
structure gives them flexibility and agility to offer creative solutions. In a
post-pandemic environment, this may be what the industry needs the most. I'm
very excited to join the group and see it continue to succeed."

AELF's fleet consists of A330s in all economy and dual-class passenger
configurations as well as light cargo configuration. The company is currently
adding to its fleet, targeting the acquisition of twenty 737-800s as well as
three A321s. The group offers a range of financial solutions, including
long-term operating leases; sale leasebacks and finance sales; short- and
long-term ACMI contracts. It also offers wet-to-dry arrangements that enable
airlines to test out new routes under Maleth's operation before embarking on a
dry lease with AELF, and unique ACMI partnerships allowing lessors to put
their dormant aircraft into revenue service temporarily or long-term, among
other custom solutions.

"Phil Scruggs is an important industry leader with valuable insights whom we
are thrilled to welcome to our team," said Joe Cirillo, Chief Operating
Officer of AELF FlightService. "He is a welcome addition as we continue to
offer customized financial solutions for our partners. Our model offers a
hedge to traditional dry leasing, and vice versa for wet leasing operations.
We've added some great talent to the team over the last couple of years and
are looking forward to continued growth."

About the AELF Group

Aircraft Engine Lease Finance Inc. ("AELF") is an experienced leader in
commercial aircraft leasing, finance, and air transport solutions for cargo
and passengers. AELF shares common ownership with AELF FlightService and
widebody ACMI operator Maleth Aero AOC Limited. The group offers a full
spectrum of services ranging from single charter flights to mid-term ACMI to
long-term operating leases. Learn more at AELF-FlightService.com
(https://pr.report/DSw3NhKF) . For the latest updates, follow us on LinkedIn
(https://pr.report/bljYeF2i) , Instagram (https://pr.report/LDqI-tv5) and
Twitter (https://pr.report/N8VnU4-0) .

Contact Information:

Helena Padilla Siles

Communications Manager
hpadillasiles@aelf-flightservice.com
(mailto:hpadillasiles@aelf-flightservice.com)

SOURCE: Aircraft Engine Lease Finance, Inc.

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