Howard Millar parts ways with Stellwagen Group
Fellow executives Edward Coughlan and Edward Hansom also leaving the company
Howard Millar: last year joined Stellwagen as chief operating officer and as as chief executive of one of its divisions, Stellwagen Capital. Photograph: Bryan O’Brien
Mr Millar, Ryanair’s former chief financial officer, last year joined Stellwagen as chief operating officer and as as chief executive of one of its divisions, Stellwagen Capital.
None of the three would comment, but it is understood that they are departing as they are unhappy with the group’s strategic direction.
Scott Corman, who joined Stellwagen when it bought ECN Capital’s aviation business earlier this year, will replace Mr Millar as chief executive of Stellwagen Capital.
David Butler, who held several roles with Denis O’Brien’s telecoms network, Digicel, will take over as Stellwagen Group’s chief operating officer.
Based in Stamford Connecticut, Stellwagen Capital will focus on raising cash to finance aircraft purchases.
Mr Millar is one of the Irish aviation industry’s best know figures. As Ryanair chief financial officer, he helped oversee its stock market launch, led its first bond issue and negotiated aircraft purchases. He is a non-executive member of the airline’s board.
Founded by businessman, Doug Brennan, Stellwagen is focused on providing finance aircraft, shipping and defence infrastructure. It has $1.7 billion under mangement.
One of its aims is to attract more mainstream investors, such as pension funds, to aircraft finance. Canadian group Acasta bought Stellwagen last year for $270 million.