DUBLIN--(BUSINESS WIRE)--

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today that aviation industry veteran Patrick Hannigan has been named the company’s new Chief Executive Officer, taking the helm at a pivotal time in the lessor’s robust development, with the goal of furthering its growth momentum.

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CDB Aviation has named Patrick Hannigan its new Chief Executive Officer, with the goal of furthering the lessor's growth momentum. (Photo: Business Wire)

Hannigan, who is promoted to CEO from his current position of President and Chief Commercial Officer, succeeds Peter Chang, whose planned retirement caps three years of leading the successful transformation of CDB Aviation into a formidable, full-service, global aircraft leasing platform.

CDB Aviation Chairman, Mr. Xuedong Wang, commented: “I am very pleased that Pat Hannigan has accepted the opportunity to lead CDB Aviation. He will provide strong leadership and build on the growth of the recent past to ensure long-term success. We are very happy with the leadership team’s success in establishing a true global platform, and we look forward to providing the support and resources that Pat and the talented staff of CDB Aviation will require to continue their efforts.”

Hannigan, who has steered the lessor’s increasingly robust operations since January 2017 and led the remarkable success of its global commercial team in expanding the reach and scale of the lessor’s platform, has more than two decades of experience in finance, marketing, sales, and P&L oversight.

“I am honored to be given the privilege of leading the talented and dedicated people of CDB Aviation in serving the growing fleet requirements of airlines around the world,” noted newly appointed CDB Aviation Chief Executive Officer Patrick Hannigan. “Together with our shareholder, our Board, and our top-notch global team, we will continue to focus on building mutually beneficial relationships with airline customers, financial partners, and industry OEMs, while delivering excellence in the way that meets the changing needs of the airline community and generates industry-leading shareholder value.”

Hannigan has been at the top of the airline leasing sector for many years, including his role as a founding shareholder of Avolon leasing. Hannigan served as Senior Vice President, Marketing for RBS Aviation Capital (now SMBC). He also held the role of Vice President Marketing at GE Capital Aviation Services, where he spearheaded the development of the company’s operations in the Middle East and Africa. Hannigan has also held executive positions at Diageo and Deloitte and Touche. He is a fellow of the Institute of Chartered Accountants Ireland.

“Commercial aircraft leasing has grown to become both integral and necessary in supporting aviation’s role in the growth of global markets and cultural exchange,” added Hannigan. “Over the past three years, I have worked closely with Peter to build our top-calibre team and prepare our business for the next stage of expansion and growth.”

Outgoing Chief Executive Officer Peter Chang summed up his tenure with CDB Aviation by emphasizing that “it has been a great pleasure to have brought together the best-in-class team. In establishing CDB Aviation as a Chinese lessor with a true global reach and scale, we have instilled an execution-driven culture of competency among our team, which will serve as the foundation for the company’s continued growth and success. As I depart, I am thankful for the opportunity presented to me and I leave with full confidence in Pat’s abilities to lead CDB Aviation into the future.”

“With the industry’s increasingly competitive dynamics, our path forward will focus on enhancing efficiency and streamlining operations, while leveraging the foundation of our financially strong, highly competitive, and long-term industry participation-oriented position in the marketplace to better serve the needs of our customers and drive our growth momentum,” concluded Hannigan.

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).

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