In 1973, Mr. Udvar-Házy proceeded to co-found and lead International Lease Finance Corp. ("ILFC"), which was sold to AIG for $1.3 billion. Mr. Udvar-Házy led ILFC until his retirement in 2010. ILFC helped transform the aviation landscape with the commercialization of operating leases, enabling airlines significantly greater flexibility in business operations. "The aviation industry has been my passion since a young age, and it has been incredible to see how far we have come. I am very proud of the success we have achieved since founding ALC over 15 years ago and the role we have played in supporting airline customers around the world," said Mr. Udvar-Házy. "John and the dedicated leadership team will continue to build on our strong foundation and support our airline and OEM partners.