Founder of aicraft lessor Avolon to step down

The chief executive and founder of the world’s third-largest aircraft lessor, Avolon, is to step down after 12 years, the company said on Tuesday.

Chief Executive D├│mhnal Slattery told the board of his plans to step down and the board has appointed chief financial officer and president Andy Cronin, as CEO designate, the company said in a statement.

Avolon is controlled by Bohai Leasing, a majority-owned subsidiary of China’s HNA Group.