Early Life
Steven Ferencz Udvar-Hazy was born in Budapest, Hungary, in 1946. His family immigrated to the United States in 1958, fleeing the Soviet occupation of Hungary. He attended University High School in Los Angeles and later the University of California, Los Angeles (UCLA), where he studied economics.
Rise to Success
Udvar-Hazy's career in aircraft leasing began in the mid-1960s. Recognizing the need for airlines to access modern jet aircraft, he co-founded International Lease Finance Corporation (ILFC) with Leslie and Louis Gonda in 1973. ILFC leased its first aircraft, a Douglas DC-8, to Aeroméxico. Under Udvar-Hazy's leadership, ILFC became one of the world's largest aircraft lessors. He sold the company to American International Group (AIG) in 1990 but remained as its chair and CEO until 2010. In February 2010, he founded Air Lease Corporation (ALC) with John Plueger.
Key Business Strategies
Udvar-Hazy's success can be attributed to several key strategies. Firstly, identifying the opportunity in aircraft leasing during the transition from propeller to jet aircraft. Secondly, establishing long-term relationships with airlines to secure leasing deals. Also, maintaining a diversified portfolio of aircraft and a global presence. Finally, adapting to the changing demands of the aviation industry.
Philanthropy
Udvar-Hazy and his wife Christine are known for their philanthropic contributions. They have donated over $100 million to educational institutions, including Stanford University and Embry-Riddle Aeronautical University. Furthermore, Udvar-Hazy made a substantial donation of $66 million to the Smithsonian Institution, enabling the construction of the Steven F. Udvar-Hazy Center, an annex of the National Air and Space Museum.
