AerSale Announces Appointment of Andrew Levy to its Board of Directors and Planned Retirement of Existing Members.
20 April 2023 - 6:05AM
Business Wire
- Andrew Levy, Founder, Chairman and CEO of Avelo Airlines, added
to the Board of Directors.
- Existing Board Members Eric J. Zahler and Sai S. Devabhaktuni,
have announced their retirement at the end of their current
term.
- Michael Kirton will not seek reelection as Leonard Green &
Partners (“Leonard Green”) has reduced its ownership interest.
AerSale Corporation (Nasdaq: ASLE) (the “Company”) announced
today that Andrew Levy, Founder, Chairman and CEO of Avelo Airlines
was appointed to the Company’s board of directors on April 15,
2023. Mr. Levy is the Founder, Chairman and CEO of Avelo Airlines.
He brings three decades of corporate and entrepreneurial experience
in the aviation and telecommunications sectors to AerSale and has a
proven track record of leading airlines to profitability from
startup to scale. Prior to launching Avelo in April 2021, Mr. Levy
was a Co-Founder and President at Allegiant Air and CFO at United
Airlines. He has been a board member of Copa Airlines, the flag
carrier of Panama, since 2016.
Nicolas Finazzo, AerSale’s Chairman and Chief Executive Officer,
said, “We welcome Andrew to our Board of Directors, who has a
storied history of demonstrated success and achievement in the
aviation industry. Andrew brings a wealth of experience, knowledge,
and industry best practices to the Company and we are confident
that AerSale will benefit from leveraging his expertise. We are
excited to work with Andrew and look forward to our partnership and
future success.”
Over the course of Mr. Levy’s career, he has also served as a
Vice President at Savoy Capital, an aviation focused advisory and
investment firm, as well as Vice President of Network Development
and Planning at Mpower Communications, a telecommunications and
broadband provider. Mr. Levy started his aviation career as the
Director of Contracts at ValuJet Airlines. He earned a BA from
Washington University in St. Louis and a JD from Emory
University.
The appointment of Mr. Levy to the AerSale Board of Directors
will temporarily increase the size of the Company’s board to 11
members through the 2023 annual stockholders meeting. Further, the
Company announced that existing board members Eric J. Zahler and
Sai S. Devabhaktuni, will not seek re-election following the
leadership they provided in AerSale’s early years as a public
Company. Michael Kirton also announced he will not seek re-election
as Leonard Green has reduced its ownership position. Following this
reduction, Leonard Green will have only a single board seat. Messrs
Zahler, Devabhaktuni and Kirton will remain on the board until the
2023 annual stockholders meeting. The remaining Board members will
stand for reelection at the forthcoming stockholder meeting after
which the size of the Company’s Board of Directors will be reduced
to eight members.
Mr. Finazzo added, “Eric and Sai have both been very supportive
and helpful in our path to grow as a publicly listed company, and
we are appreciative of their contributions. Michael has been
instrumental in guiding the Company through the tenure of our
relationship with Leonard Green, and we are grateful for his
leadership and expertise. We would like to thank all three of our
exiting board members and wish them all the best for the
future.”
About AerSale
AerSale serves airlines operating large jets manufactured by
Boeing, Airbus and McDonnell Douglas and is dedicated to providing
integrated aftermarket services and products designed to help
aircraft owners and operators to realize significant savings in the
operation, maintenance and monetization of their aircraft, engines,
and components. AerSale’s offerings include: Aircraft &
Component MRO, Aircraft and Engine Sales and Leasing, Used
Serviceable Material sales, and internally developed ‘Engineered
Solutions’ to enhance aircraft performance and operating economics
(e.g. AerSafe™, AerTrak™, and now AerAware™).
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Media Contacts: For more information about AerSale,
please visit our website: www.AerSale.com. Follow us on: LinkedIn |
Twitter | Facebook | Instagram AerSale: Jackie Carlon Telephone:
(305) 764-3200 Email: media.relations@aersale.com Investor
Contact: AerSale: AersaleIR@icrinc.com
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