CDB Aviation Appoints Kavanagh as Director, Expands Board
JUL 18, 2019 - 6:45 am
CDB Aviation appointed Stephen Kavanagh as a non-executive director to its Board of Directors.
Kavanagh, who currently serves as a 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 CDB CEO 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.”
Kavanagh has spent over three decades in leadership roles at Aer Lingus. Most recently, he was CEO and accountable manager, leading the airline through its sale to International Consolidated Airlines Group. 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, 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, commented, “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.”
“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,” said Kavanagh.
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing, a 35-year-old Chinese leasing company that is backed mainly by the China Development Bank. 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.
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