Jon Sharp, president and CEO of Engine Lease Finance, will retire from his position at the end of 2018 after 28 years.
Sharp founded the company in 1989 focusing on spare engines and in the preceding years, has grown the business to its current position of owning and managing 300 engines with an estimated value exceeding $2.7 billion. In 2014, the company was acquired by Japan’s Mitsubishi UFJ Lease & Finance Company.
ELF covers more than 80 customers in 43 countries and has grown its engine lease offerings to include long-term operating leases to short-term AOG support.
Tom Barrett, ELF’s chief operating officer who joined the company, will succeed Sharp in the role of president and CEO. The company founder will remain as a part-time consultant to the business.
In another management shuffle, Joe O’Brien will become deputy CEO in addition to his existing chief commercial officer role.