Former Ryanair CFO Howard Millar appointed COO of Stellwagen
Former Ryanair chief financial officer Howard Millar has been appointed chief operating officer of aviation management services and finance group Stellwagen, and also chief executive of its newly formed finance arm, Stellwagen Capital.
Stellwagen Capital aims to raise $1bn in the final quarter of 2016 that will be used to help finance to airlines buying aircraft. It plans to raise $5bn over the next three years.
Stellwagen Finance is a holding company whose divisions include Dublin-based Aviation Finance Company. That unit has been rumoured to be among the bidders for Stobart Air, the Dublin carrier that operates the Aer Lingus Regional franchise.
Stellwagen’s units also include Seraph Aviation Management. Stellwagen’s group chief executive is Douglas Brennan.
As CEO of Stellwagen Capital, Mr Millar will raise capital from both debt markets and large institutional investors, primarily in Europe and the United States. This will enable the group to provide secured aircraft financing to airlines across the globe.
“I believe there is a great opportunity to raise significant amounts of capital to finance the world’s growing fleet of aircraft,” said Mr Millar. “The initial capital raise of $1bn is slated for Q4 2016, and we expect to raise up to $5bn over the next three years. We will use innovative and highly efficient structures to raise capital for secured financing of both new and delivered aircraft, and generate significant returns for our investors.”
Mr Brennan said that Mr Millar would work as COO of the wider group to drive its operational and financial performance.
Mr Brennan is a former chief investment officer of Ledyard Capital Management, a US-based shipping investor. He also held a number of other senior roles at other firms.
Mr Millar, who left his role as Ryanair CFO and deputy CEO in 2014, is also a member of the advisory board of Irelandia Aviation, the investment arm of the Ryan family. He is also the chairman of accountancy firm BDO.