AELF Appoints Philip Scruggs to Board of Directors
CHICAGO, July 17, 2023 (Newswire.com) - 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.
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. For the latest updates, follow us on LinkedIn, Instagram and Twitter.
Source: Aircraft Engine Lease Finance, Inc.
