Dómhnal Slattery, the chief executive of Dublin-based aviation leasing company Avolon is to step down from his role this year.

Avolon's board has appointed Andy Cronin, Avolon’s President and Chief Financial Officer to the role of CEO Designate.

In addition, Paul Geaney, Avolon’s Chief Commercial Officer has been appointed to the role of President and CCO with immediate effect.

Mr Slattery is Avolon's founding CEO and has overseen the growth of the business from the largest private equity backed start-up globally in 2010 to becoming the world's second largest aircraft lessor with a balance sheet in excess of $30 billion.

Avolon said Mr Slattery will now pursue other interests in a non-executive capacity.

"We have built Avolon from a start-up 12 years ago to become a global industry leader," said Mr Slattery.

"It has been a privilege to lead the business and serve as its CEO since foundation.

"Avolon is incredibly fortunate to have an individual of Andy Cronin’s calibre to lead it on the next stage of its journey," he added.

Andy Cronin, CEO Designate said he looks forward to leading the company through the next phase.

"Dómhnal has led Avolon to become an industry leading business and made an outstanding contribution to the global aviation industry during a career spanning over 30 years," he said.

"On behalf of everyone at Avolon, I would like to thank him for his commitment to the business as we have navigated our course to becoming an industry leader," he added.

Revenue and income down in second quarter

The changes at the top of Avolon came alongside its results for the second quarter of 2022, which showed the firm's lease revenue fall by 11,6% to $539m.

However its operating cashflow improved significantly at $305m, compared to $195m in the same three months of 2021.

Avolon reported net income of $8m, down from $64m a year before.

For the first half of the year the company had a $173m net loss, which was due to the substantial write-down it had to take after being unable to reclaim its Russian-based aircraft following the country's invasion of Ukraine.