MOVES-Ex-Ryanair finance chief joins Irish aircraft leasing group
DUBLIN, May 18 (Reuters) - Howard Millar, one of the main architects of the rise of Europe's largest budget carrier Ryanair, joined aircraft lessor the Stellwagen Group on Wednesday to head up a subsidiary that aims to raise $1 billion this year, the company said.
Millar, who stepped down as Ryanair's finance chief 18 months ago after nearly 23 years at the company, was named chief operating officer of the Stellwagen Group and chief executive of its new credit investing arm, Stellwagen Capital.
The financing vehicle will raise capital from debt markets and large institutional investors, mainly in the United States and Europe, to enable the group to provide secured aircraft financing to airlines, Stellwagen said in a statement.
It (Other OTC: ITGL - news) aims to raise $1 billion in the fourth quarter and up to $5 billion over the next three years, said Millar, who remains a non-executive director of Ryanair.
Millar joined Ryanair Holdings Plc (Xetra: RY4B.DE - news) in 1992 when it was struggling to compete on services between Ireland (Other OTC: IRLD - news) and Britain. He helped to transform Ryanair into Europe's largest airline by total passengers, of more than 100 million last year.
The Stellwagen Group also includes leasing firms Aviation Finance Co and Seraph Aviation Management. (Reporting by Padraic Halpin; Editing by Richard Chang)