Lessor DAE restructures as chief Genise departs

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Dubai Aerospace Enterprise's aircraft leasing arm is undergoing a shake-up through which it will put management of its portfolio out to tender, while its chief executive is leaving the company.

Chief executive Bob Genise is stepping down from heading the DAE Capital division to "fulfill his desire to be involved in a more entrepreneurial venture", said DAE.

DAE managing director Khalifa Al Daboos said: "We will take this opportunity to consolidate the management of this business in Dubai."

He said the activity would report to DAE's chief operating officer and be "managed in a more integrated manner" with the rest of the company.

The lessor has approached the operating leasing market with a tender for the management of its portfolio, reports Air Transport Intelligence sister publication Commercial Aviation Online.

It is seeking bids for approximately 40 aircraft in the portfolio.

DAE Capital had to rein in its plans to establish itself as a leasing giant, cancelling orders for more than 100 aircraft, but it still has dozens of aircraft on order backlog with Airbus and Boeing.

"Supported by our shareholders, DAE has built a successful aircraft leasing business with clients in 14 countries and aircraft assets in excess of $2 billion," said Al Daboos.

"We are committed to delivering excellence to our customers, suppliers and providers of credit."