Business Irish

Sunday 22 September 2019

€47m pay bonanza for AerCap's high-flying Irish staff

AerCap boss Aengus Kelly presided over total revenue of $5bn. Photo: Bloomberg
AerCap boss Aengus Kelly presided over total revenue of $5bn. Photo: Bloomberg

Gordon Deegan

Staff at an Irish subsidiary of aircraft leasing giant AerCap last year shared a pay bonanza of $55m (€47m).

New accounts for AerCap Ireland Ltd filed with the Companies Office show that the 162 staff at the company were paid on average $339,500 (€290,106) for the year.

The pay was made up of $22m in wages and salaries with an additional $31m paid out in 'other compensation benefits'.

The staff costs also includes pension costs of $2m and $3m in social welfare costs.

The Dublin-based firm is a subsidiary of AerCap Holdings that is listed on the New York Stock Exchange.

The publicly quoted company is led by Irishman Aengus Kelly and he last year oversaw total revenue of $5.1bn and profits of $1bn.

A graduate of UCD and former employee at KPMG in Dublin, Mr Kelly - a chartered accountant - is one of a number of high-flying aircraft leasing CEOs, including Avolon's Domhnal Slattery, who started their career in the aviation and leasing business at Tony Ryan's Guinness Peat Aviation (GPA) in Shannon.

In 2016, Mr Kelly shared with three other executives in AerCap, Wouter (Erwin) den Dikken, Keith Helming and Philip Scruggs a pay pot of $8.3m that included $500,000 in retirement and pension plans.

AerCap - which describes itself as the world's largest independent aircraft leasing company - currently has a market capitalisation of $8.2bn and Mr Kelly's 1.3pc share of the shareholding at the end of last year would have a value today of €112m.

However, in August Mr Kelly filed to sell almost $5m worth of his shares in the company after exercising share options he received in 2014.

Mr Kelly was appointed group CEO in 2011 and has overseen an exponential increase in revenues from $997m in 2012 to $5.1bn last year.

Profits during the period went from $158m in 2012 to $1bn last year.

The numbers employed worldwide by AerCap increased from 332 to 398 at the end of last year.

The majority of AerCap's employees are located here.

Out of a total of 57pc or 229, 159 are in Dublin and 70 in Shannon.

The company also has offices in Holland, the US and Singapore.

At the end of last year, Aercap had 1,117 owned and managed aircraft.

Irish Independent

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