Nordic Aviation Capital (NAC, the Company), the world’s largest regional aircraft lessor, today announces the appointment of new Independent Directors to its Board alongside a simplification of its governance structure.
NAC has operated successfully for many years with a Strategic Advisory Committee (the “Committee”), comprising shareholder representatives and external advisors, and a Board of Directors comprising members of the Committee together with executive management. The Committee and the Board have been chaired by Martin Møller, the Company’s founder.
In order to ensure a governance structure, which is efficient and adapted to the current challenges the Company faces, the Committee is being dissolved, and the Board is being strengthened as the sole governing body with its independence enhanced. Rod Sheridan, Justin Bickle, Phil Bolger, Martin Cooke and Paul O’Donnell will join the Board with immediate effect, providing the necessary skillsets to ensure that the Company emerges as strong as possible from this period of market disruption caused by the Covid-19 pandemic. Martin Møller, Founder and Chairman, will retire from the Board, along with Executive Directors Jim Murphy and Tom Turley. Patrick de Castelbajac, NAC Chief Executive Officer, and Patrick Blaney, Non-Executive Director, will remain on the Board.
Retiring Committee Members Martin Møller and Norm Liu remain available to the Company as required on a consultancy basis with a focus on commercial matters. Jim Murphy and Tom Turley will continue in their executive roles.
Current shareholders are committing significant time and resources to continue supporting the Company going forward.
Rod Sheridan, Incoming Chair of Nordic Aviation Capital, said: “I am pleased to be joining the Board of NAC. I would like to commend the Committee and the previous Board for their tireless work to date and look forward to working with them.
Martin Møller said: “I am confident in the future of NAC and in the recovery of demand for regional aircraft. The changes to our governance, especially the establishment of an independent Board, have been under consideration since we started discussions with our lenders in 2020. I am pleased this is now fully implemented, and it will aid NAC in recovering from the effects of COVID-19”.
Patrick de Castelbajac, CEO of Nordic Aviation Capital, said: “The COVID-19 pandemic has rendered it necessary to be agile to adapt to the global changes in the aviation industry. Today’s announcement ensures that we have the full set of expertise necessary for the Company to successfully navigate the COVID crisis and continue as the market leader in regional aircraft leasing. I look forward to working with the new Board members.”