DAE Capital to undertake overhaul as chief departs

Dubai Aerospace Enterprise (DAE) yesterday said the chief executive of its Capital division, Robert Genise, had left the company in favour of pursuing a new "entrepreneurial venture". Genise, who joined the company in April 2008, had aimed for DAE to have a portfolio of $5 billion (Dh18.3 billion) by the end of 2012. The Dubai-based global aerospace manufacturing and services company, which last month announced consolidated net income of $10.3 million for full-year 2010, said it plans to make organisational changes to the company following this latest development. "We will take this opportunity to consolidate the management of this business in Dubai. The business will report to the COO of DAE, and will be managed in a more integrated manner with the rest of DAE," Managing Director Khalifa H. Al Daboos said in a statement. He added that the strength of DAE's management will allow the company to provide continuity of service to its global customers and suppliers. DAE has built a successful aircraft leasing business with clients in 14 countries and has aircraft assets of more than $2 billion, according to Al Daboos. Specialising in maintenance, repair and overhaul (MRO) services, aircraft completions and aircraft leasing, DAE faced a setback during the economic downturn and as a result was forced into scaling back its expansion plans. DAE Capital placed an order for 200 aircraft in 2007 divided equally between Airbus and Boeing, aiming to become one of the world's biggest aircraft lessors. But market conditions forced the company to cancel almost half of its Airbus orders for A350s and A320s and cancel orders for 32 Boeing 737s. "Cancelling orders has freed up cash and other resources and that has allowed them [DAE] to strengthen their balance sheet and other portfolio assets," Shaikh Ahmad Bin Saeed Al Maktoum, DAE Chairman, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group, recently said in a statement, adding that whether or not DAE sticks to this path remains to be seen. From / Gulf News