Business Irish

Friday 18 October 2019

Fly Leasing chiefs share $7m pay pot as profits hit record

Revenue boost: Colm Barrington said Fly Leasing’s strategy over the last few years was ‘bearing fruit’
Revenue boost: Colm Barrington said Fly Leasing’s strategy over the last few years was ‘bearing fruit’
Gavin McLoughlin

Gavin McLoughlin

Colm Barrington shared a $7.3m (€6.45m) pay pot with fellow executives at Fly Leasing last year.

The aircraft leasing company has a management agreement whereby it pays a fee to a company that provides the chief executive (Mr Barrington) and other managers.

The fee last year was $7.3m versus $6.3m the previous year.

Mr Barrington - a former chairman of Aer Lingus - also serves on the board of Hibernia Reit. Last year proxy advisors Glass Lewis advised shareholders against re-electing him to that board, saying he held too many board positions. More than 30pc of shareholder votes went against him, not enough to remove him from the position.

Last year, Fly Leasing had record profits. Net income for 2018 was $85.7m, compared to $2.6m in 2017.

Mr Barrington said the group's renewed and larger fleet resulted in a 26pc increase in operating lease rental revenue in the final quarter of 2018, compared to the final three months of 2017.

"The strategy that we have implemented at Fly over the last few years is bearing fruit," said Mr Barrington, who's also a former Guinness Peat Aviation executive.

"During 2018 we increased our fleet significantly, and since then we have reduced our leverage through profitable aircraft sales and now have ample financial capacity for growth."

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