AeroCentury, an independent aircraft leasing company, announced that its board of directors named Evan Wallach chairman of the board.

Wallach, who has served as an independent director for 19 years, was re-elected for a three-year term to the board of directors at the annual meeting of stockholders. Following the stockholder meeting, the board then appointed Wallach to serve as chairman, filling the vacancy following the passing away of Neal Crispin earlier this year.

“I am honored to be named as chairman of AeroCentury and look forward to continue working with my fellow board members and the management team, as the company continues its search for a new chief executive officer and seeks to build on the legacy of success left by its founder, Neal Crispin,” said Wallach.

“Evan brings a depth of experience in both the finance and aviation industries and has been a valuable member of our board since the company’s founding. We are very fortunate to have him as our chairman,” said Toni Perazzo, acting president and chief financial officer.

Wallach currently is president and chief executive officer of Global Airfinance Services, an aviation consulting business he founded in 1998 and returned to in June 2012.

Wallach has specialized in aircraft and airline financing for more than 30 years, having held managing director positions at Jefferies & Company, Guggenheim Capital Markets, Piper Jaffray and senior level positions with CIT Group, Bankers Trust Company, Kendall Capital Partners, Drexel Burnham Lambert and American Express Aircraft Leasing.