Steven F. Udvar-Hazy
Encyclopedia
Steven Ferencz Udvar-Házy (István or Steve Hazy; born 1946, Budapest
, Hungary
) is the CEO
of Air Lease Corp.
He is the former Chairman and CEO
of International Lease Finance Corporation
(ILFC), one of the two largest aircraft lessors in the world (the other being GECAS
). In 2009, Forbes ranked him as the world's 409th richest person, with a net worth of US$2.8 billion.
in 1958, fleeing the Soviet occupation of Hungary
. Hazy attended the University of California, Los Angeles
.
Hazy was still in his 20s during the later part of transition from propeller
aircraft to jets during the mid to late 1960s, and realized that the higher capital investment required to purchase jet aircraft created an opportunity for a leasing business. He founded ILFC with two partners in 1973, leasing a single used DC-8 to Aeromexico
.
Udvar-Hazy is responsible for a US$65 million grant to the Smithsonian Institution
that allowed the U.S. National Air and Space Museum to build the Steven F. Udvar-Hazy Center
annex at Washington Dulles International Airport
. The annex houses more than 120 aircraft and 140 space-exploration exhibits as of 2006, and plans call for eventually installing over 300 aircraft.
The Udvar-Hazy family contributed funds to build the Christine and Steven F. Udvar-Hazy Library and Learning Center at Embry-Riddle Aeronautical University
's Prescott Campus. The new library provides students with updated facilities and a great view of the surrounding campus. This donation is the largest to date made to the university.
, starting in the 1950s. After media reports of Udvar-Hazy's plans to raze the buildings and construct a boutique hotel, gay and lesbian activists organized a campaign, dubbed Save the Boom, to preserve the bar. In 2006 and 2007, the campaign sent thousands of postcards to Udvar-Hazy's office; organized a rally outside of the Los Angeles headquarters of American International Group
, parent company of ILFC; and appealed to the Laguna Beach City Council to deny the required permits for the project. Fred Karger
, founder of the campaign, told The Advocate
: "This fight is essential to the gay community that live in and visit Laguna Beach. The historic Coast Inn and Boom Boom Room represent our past and our future." Despite the efforts, the bar closed in September 2007 when the lease expired. With the permit-approval process stalled, Udvar-Hazy offered the property for sale in 2007, but later removed it from the market. The hotel remains open and on April 14, 2010, the Laguna Beach Planning Commission approved major renovation plans that do not include a restaurant or nightclub.
Budapest
Budapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
, Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
) is the CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of Air Lease Corp.
Air Lease
Air Lease Corporation is an aircraft leasing company founded in 2010 and headed by Steven Udvar-Házy. ALC hopes to capitalize on air travel growth from airlines in high-growth markets such as Asia, the Pacific Rim, Latin America, the Middle East and Eastern Europe...
He is the former Chairman and CEO
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of International Lease Finance Corporation
International Lease Finance Corporation
The International Lease Finance Corporation is an aircraft lessor headquartered in Century City, Los Angeles, California.It is the world's largest aircraft lessor by value, though ILFC's rival, General Electric's GECAS unit, has more aircraft...
(ILFC), one of the two largest aircraft lessors in the world (the other being GECAS
GE Commercial Aviation Services
GECAS is a unit of GE Capital, itself part of the large conglomerate General Electric. The president of GECAS is Norman Liu. GECAS is responsible for the leasing of aircraft and associated equipment to airlines...
). In 2009, Forbes ranked him as the world's 409th richest person, with a net worth of US$2.8 billion.
Biography
The Udvar-Házy ˈ family came to the United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
in 1958, fleeing the Soviet occupation of Hungary
Hungary
Hungary , officially the Republic of Hungary , is a landlocked country in Central Europe. It is situated in the Carpathian Basin and is bordered by Slovakia to the north, Ukraine and Romania to the east, Serbia and Croatia to the south, Slovenia to the southwest and Austria to the west. The...
. Hazy attended the University of California, Los Angeles
University of California, Los Angeles
The University of California, Los Angeles is a public research university located in the Westwood neighborhood of Los Angeles, California, USA. It was founded in 1919 as the "Southern Branch" of the University of California and is the second oldest of the ten campuses...
.
Hazy was still in his 20s during the later part of transition from propeller
Propeller
A propeller is a type of fan that transmits power by converting rotational motion into thrust. A pressure difference is produced between the forward and rear surfaces of the airfoil-shaped blade, and a fluid is accelerated behind the blade. Propeller dynamics can be modeled by both Bernoulli's...
aircraft to jets during the mid to late 1960s, and realized that the higher capital investment required to purchase jet aircraft created an opportunity for a leasing business. He founded ILFC with two partners in 1973, leasing a single used DC-8 to Aeromexico
Aeroméxico
Airways of Mexico, SA de CV , operating as Aeroméxico, is the flag carrier airline of Mexico based in Colonia Cuauhtémoc, Cuauhtémoc, Mexico City. It operates scheduled domestic and international services to North America, South America, Central America and the Caribbean, Europe, and Asia...
.
Udvar-Hazy is responsible for a US$65 million grant to the Smithsonian Institution
Smithsonian Institution
The Smithsonian Institution is an educational and research institute and associated museum complex, administered and funded by the government of the United States and by funds from its endowment, contributions, and profits from its retail operations, concessions, licensing activities, and magazines...
that allowed the U.S. National Air and Space Museum to build the Steven F. Udvar-Hazy Center
Steven F. Udvar-Hazy Center
The Steven F. Udvar-Hazy Center is the Smithsonian National Air and Space Museum 's annex at Washington Dulles International Airport in the Chantilly area of Fairfax County, Virginia, United States....
annex at Washington Dulles International Airport
Washington Dulles International Airport
Washington Dulles International Airport is a public airport in Dulles, Virginia, 26 miles west of downtown Washington, D.C. The airport serves the Baltimore-Washington-Northern Virginia metropolitan area centered on the District of Columbia. It is named after John Foster Dulles, Secretary of...
. The annex houses more than 120 aircraft and 140 space-exploration exhibits as of 2006, and plans call for eventually installing over 300 aircraft.
The Udvar-Hazy family contributed funds to build the Christine and Steven F. Udvar-Hazy Library and Learning Center at Embry-Riddle Aeronautical University
Embry-Riddle Aeronautical University
Embry-Riddle Aeronautical University is a private university in the US specializing in aviation and aerospace engineering. It teaches the science, practice, and business of aviation and aerospace. Called "The Harvard of the Sky" by Time Magazine in 1979, Embry-Riddle has a history dating back to...
's Prescott Campus. The new library provides students with updated facilities and a great view of the surrounding campus. This donation is the largest to date made to the university.
Controversy
In 2005, Udvar-Hazy purchased a Laguna Beach, California gay bar, The Boom Boom Room, and an attached hotel, the Coast Inn, for US$14.9 million. The bar dated to the 1930s and was frequented by gay and lesbian patrons, including actor Rock HudsonRock Hudson
Roy Harold Scherer, Jr., later Roy Harold Fitzgerald , known professionally as Rock Hudson, was an American film and television actor, recognized as a romantic leading man during the 1950s and 1960s, most notably in several romantic comedies with Doris Day.Hudson was voted "Star of the Year",...
, starting in the 1950s. After media reports of Udvar-Hazy's plans to raze the buildings and construct a boutique hotel, gay and lesbian activists organized a campaign, dubbed Save the Boom, to preserve the bar. In 2006 and 2007, the campaign sent thousands of postcards to Udvar-Hazy's office; organized a rally outside of the Los Angeles headquarters of American International Group
American International Group
American International Group, Inc. or AIG is an American multinational insurance corporation. Its corporate headquarters is located in the American International Building in New York City. The British headquarters office is on Fenchurch Street in London, continental Europe operations are based in...
, parent company of ILFC; and appealed to the Laguna Beach City Council to deny the required permits for the project. Fred Karger
Fred Karger
Fred S. Karger is an American political consultant, gay rights activist and watchdog, former actor, and candidate for the Republican nomination for the 2012 US Presidential election...
, founder of the campaign, told The Advocate
The Advocate
The Advocate is an American LGBT-interest magazine, printed monthly and available by subscription. The Advocate brand also includes a web site. Both magazine and web site have an editorial focus on news, politics, opinion, and arts and entertainment of interest to LGBT people...
: "This fight is essential to the gay community that live in and visit Laguna Beach. The historic Coast Inn and Boom Boom Room represent our past and our future." Despite the efforts, the bar closed in September 2007 when the lease expired. With the permit-approval process stalled, Udvar-Hazy offered the property for sale in 2007, but later removed it from the market. The hotel remains open and on April 14, 2010, the Laguna Beach Planning Commission approved major renovation plans that do not include a restaurant or nightclub.