Early Life
Born Ferenc István Udvarházy in Budapest, Hungary, in 1946, Steven Udvar-Hazy and his family immigrated to the United States in 1958, escaping the Soviet occupation. Growing up, he was fascinated by airplanes, viewing aviation as a pathway to freedom. He attended University High School in Los Angeles and later studied at the University of California, Los Angeles (UCLA).
Rise to Success
Udvar-Hazy's career took flight when he recognized the potential of aircraft leasing during the transition from propeller aircraft to jets in the mid-to-late 1960s. In 1973, he co-founded International Lease Finance Corporation (ILFC), which quickly became one of the world's largest aircraft lessors. He sold ILFC to AIG in 1990, but continued as CEO until 2010. That year, he founded Air Lease Corporation (ALC), further solidifying his leadership in the industry. Udvar-Hazy's insight and entrepreneurial spirit revolutionized airline financing.
Key Business Strategies
Udvar-Hazy's success is rooted in several key business strategies. First, he identified the growing need for airlines to lease, rather than purchase, expensive aircraft. Second, he established long-term relationships with major aircraft manufacturers like Boeing and Airbus. Third, he focused on acquiring modern, fuel-efficient aircraft that appealed to airlines worldwide. These strategies enabled ALC to grow quickly.
Philanthropy
Udvar-Hazy is also known for his philanthropy. He donated $60 million to the Smithsonian Institution for the construction of the Steven F. Udvar-Hazy Center annex at Washington Dulles International Airport, which houses a vast collection of aircraft and space exploration exhibits. He and his wife, Christine, have also donated over $100 million to educational institutions, including Stanford University and Embry-Riddle Aeronautical University.