Engine Lease Finance Corporation (elfc), today announces the retirement of its President & CEO Tom Barrett. Tom 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, Tom has fostered a culture of innovation, teamwork, and customer-centricity that continues to define the company’s values. Tom will be stepping down from his role on the 31st of December 2023.

elfc’s current Chief Operating Officer, Richard Hough, will succeed Barrett as the new President & CEO effective from the 1^st of January 2024. Richard 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 $60m. Richard has been responsible for the development of elfc’s technical asset management capabilities now managing a 350 engine portfolio worth in excess of $3bn.  Richard 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, Richard is well-equipped to lead the company into its next phase of growth and innovation.

With Hough moving to the President & CEO position, Darren Wormald, elfc’s Executive Vice President & General Counsel has been appointed as the new Chief Operating Officer, effective from the 1^st of January 2024. Darren 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 & General Counsel. Bruce 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. Bruce 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. Bruce will also take up his new role on the 1st of January 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 Barrett’s leadership. The company looks forward to a promising future under the guidance of its new President & CEO, Richard Hough.

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