CDB Aviation Expands Board with Appointment of Stephen Kavanagh
Company Continues to Augment the Board with Knowledge and Expertise Requisite for Further Growth and Globalization of Its Leasing Platform
DUBLIN – July 17, 2019 – CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today the appointment of Stephen Kavanagh as Non-Executive Director to its Board of Directors.
Mr. Kavanagh, who currently serves as Non-Executive Director of Aer Lingus, joins directors on CDB Aviation’s board and members of the executive team to set the strategic direction for the company as it continues to face the international expansion of the business and ambitious future plans.
“We are thrilled to welcome such an accomplished aviation expert to a growing roster of Irish industry leaders serving on our board,” said Chief Executive Officer Peter Chang. “Stephen’s demonstrated track record in the airline sector will be a strong addition to our board and will further propel the growth and globalization of our platform.”
Mr. Kavanagh has spent over three decades in leadership roles at Aer Lingus. Most recently, he was Chief Executive Officer and Accountable Manager, leading the airline through its sale to International Consolidated Airlines Group, S.A. (“IAG”). He championed the development of a successful value model strategy that saw the carrier grow in size by a third to over €2 billion in revenue, doubling operating margin and delivering an industry-leading return on invested capital.
During his time with Aer Lingus, Mr. Kavanagh also held a number of executive roles, including Chief Strategy and Planning Officer, Chief Commercial Officer, and Corporate Planning Director.
Patrick Hannigan, CDB Aviation’s President and Chief Commercial Officer, added: “With his tremendous perspective on European and global increasingly competitive airline markets and his deep understanding of airline strategies, Stephen’s counsel and commercial experience will enable us to continue to advance our position as an undisputed leader in meeting the evolving needs of airlines in all key markets across the world.”
Commenting on his appointment, Mr. Kavanagh said: “It is an honor to join the CDB Aviation board. The opportunity and momentum for significant growth is evident in the company’s unparalleled commercial success over the past three years. I look forward to working with Peter and Pat, and the rest of the board, to advance the company’s strategy to be a formidable force in the global market.”
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”) a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A1), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.cdbaviation.aero
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