Engine Lease Finance Corporation (elfc), has announced the retirement of its President and CEO Tom Barret. Barret joined elfc shortly after its inception in 1990 and since then has been centrally involved in every transaction that the company has conducted, with more recent highlights being the 2011 acquisition of the Macquarie engine portfolio, the 2014 acquisition of elfc by Mitsubishi HC Capital Inc. 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, Barret has fostered a culture of innovation, teamwork, and customer centricity that continues to define the company’s values. Barret will be stepping down from his role on December 31, 2023. elfc’s current Chief Operating Officer, Richard Hough, will succeed Barret as the new President and CEO effective 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 US$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 US$3bn (£2.4bn). He previously held the position of Chief Technical Officer from 2011 until his appointment as Chief Operating Officer in January 2022. With a proven track record of accomplishments and a deep understanding of elfc’s culture and values, Hough is well equipped to lead the company into its next phase of growth and innovation.
With Hough moving to the President and CEO position, Darren Wormald, elfc’s Executive Vice President & General Counsel has been appointed as the new Chief Operating Officer, effective January 1, 2024. Wormald has been a pivotal asset to elfc since he joined in 1999, has worked on the key industry-leading transactions executed by elfc, and has provided invaluable legal expertise and guidance during his tenure as Executive Vice President & General Counsel. Wormald also took a lead role in guiding the company through the COVID period, expertly managing workout solutions between elfc and its customers.
Wormald is succeeded by Senior Vice President Legal, Bruce Ross, who takes up the role of Executive Vice President and General Counsel. He 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. Ross will also take up his new role on January 1, 2024.
As one of the world’s leading independent spare engine leasing companies, elfc 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. The company looks forward to a promising future under the guidance of its new President and CEO, Richard Hough.