Q&A With Jane O’Callaghan
ISTAT has selected aircraft leasing leader Jane O’Callaghan as the recipient of the 2025 ISTAT Award. Jetrader recently spoke to O’Callaghan about her journey in aviation leasing, the evolution of the industry and her advice for the next generation.
Jetrader: Can you walk us through your journey in aviation leasing? Starting with GPA in 1987, what drew you to this industry, and how did your early experiences shape your career?
Jane O’Callaghan (JO): After graduating as a mechanical engineer, I worked in Paris as a marketing executive for the Irish Dairy Board. An advertisement seeking young professionals for an exciting and challenging opportunity in an international business caught my eye, so I joined Guinness Peat Aviation (GPA). I went from selling dairy products, one of Ireland’s greatest exports, to leasing airplanes — a leap that shaped my career and my life.
Aircraft leasing was still in its infancy, and GPA was at the pioneering forefront. Its founder, Tony Ryan, was a visionary who attracted and motivated really talented people. Tony piled responsibility onto his executives at a young age, and despite my green-horn status, I was given sole responsibility for managing the Spanish market. GPA was a sink-or-swim environment, but I loved it.
GPA teams traveled the world to negotiate aircraft leases face-to-face with airline customers, and we had no choice but to stay until the deal was done. There were no emails or Zoom calls in those days. This on-site team approach ensured I had a very comprehensive understanding of all facets of aircraft leasing, as I was directly involved in the legal, financial and technical aspects of a lease. These face-to-face negotiations, and the relentless pressure from the head office to get the deal done, required one to think on one’s feet and come up with creative solutions on the spot.
GPA was always very focused on innovation. It was never enough to just do the deal on the table; you had to think about all the angles, other possible deals, the future and any tweaks beneficial to both parties. But at the end of the day, GPA prioritized strong customer relationships, which was the key to its success.
Aviation is big-ticket, high stress, fast-paced and demanding. On the white-knuckle ride of one after another “must-close” deal, you form lifelong friendships with both your customers and colleagues. You can never forget or replicate the camaraderie borne out of traveling together for weeks of hard work culminating in the nervous wait for funds to arrive; the relief of an airline taking off in its new aircraft; or the high of placing a new order. These friendships endure, as evidenced in my case by all of the people who supported me for this amazing award.
Unfortunately, like Icarus, GPA flew too close to the sun, and over-expansion resulted in a failed IPO and the split of the company into GECAS and AerFi (as AerCap was then). I joined GECAS but soon left to join a small group of like-minded colleagues who had founded Pembroke Capital, which later became Standard Chartered Aviation. It was a leap of faith to leave the GE family and join newcomer Pembroke, where we only received 50% of our salary during the startup phase. Pembroke had an “eat what you kill” culture, and I had many successful and happy years there working with a very talented team.
In 2004, while head of EMEA origination at Pembroke, I was recruited by Fortress to set up Aircastle’s Irish platform and build a commercial, technical and legal team from scratch to originate and execute EMEA transactions. I am incredibly proud of the team we built there along with the relationships we built and the credibility we won. As a new player in the industry, we prioritized agility, our ability to make decisions quickly and to execute rapidly. These strengths helped us win a lot of our early deals and quickly create a critical mass.
After 11 transformative years, I felt it was the right time to embrace a new challenge, and after a short stint setting up ALAFCO’s European operations, I was head-hunted again, this time by AMCK Aviation (then Accipiter) in 2017 to be its chief commercial officer and help expand its team. The highlight of my time at AMCK was undoubtedly the A320neo order we placed in 2019. In 2021, Carlyle Aviation purchased AMCK’s portfolio, following which I spent several months ensuring that my team secured attractive positions elsewhere.
Jetrader: You’ve held C-suite roles in some of the most prominent aviation leasing companies. How did working in both established giants like GECAS and startups like Pembroke, ALAFCO, Aircastle and AMCK Aviation differ, and what unique challenges did you face in each setting?
JO: Comparing an established large-cap company to a startup is like comparing apples and oranges. A market leader like GECAS has an established customer base and robust organizational and risk processes, not to mention financial stability. When I was at GECAS decades ago, there was a saying that you just had to dial “1800-DIANE” (at Treasury) when you needed cash to complete an aircraft acquisition. Startup companies are the polar opposite. The amount of work involved is immense. You start with a green field, capital has to be found, customers have to be found and you have to convince the people who matter that you are a credible party with whom to do business.
When I think back on my career, it is clear that entrepreneurial startups were the most appealing to me. Other than my short time at GECAS, all of my roles were with startups. The challenge of creating something new was a real buzz and developed great team spirit and customer relationships.
Jetrader: Aircastle built a greenfield leasing platform and achieved the first public listing of an aircraft leasing company on the NYSE. What were the biggest challenges in that process, and what lessons did you take away?
JO: Building a greenfield leasing platform and taking it public on the New York Stock Exchange was both a challenging and transformative journey for all of the team at Aircastle. We were breaking new ground in an industry that was still maturing in terms of public visibility and investor engagement.
Reflecting on that experience, several challenges stand out: establishing credibility in a competitive market, navigating the significant level of regulatory and investor scrutiny, managing essential rapid growth while maintaining discipline and differentiating ourselves from the competition. Balancing the regulatory requirements of a public listing with the operational demands of running a leasing business required meticulous planning and execution.
There is intense scrutiny on lessee arrears on the quarterly earnings calls of a listed company. Keeping on top of arrears had always been a top priority in any leasing company, but this was further heightened at Aircastle. The commercial team was intrinsically involved in the collection of overdue funds. While this was an inconvenience and not something that sat well with originators who prefer being the “good cop,” it was a very important discipline to establish in the company.
The lessons I learned at Aircastle were again that success hinges on having the right people on the team; that investor education is key; that adaptability and resilience are essential to flourish in an inherently cyclical industry; and that risk management is a non-negotiable.
Jetrader: How have you seen the aircraft leasing and finance sector evolve, and what trends have most impacted the way business is conducted today?
JO: In the late 1980s, the industry was in its infancy and dominated by just two main players: GPA and ILFC. Leasing was still a novel concept for many airlines, most of whom owned their fleets outright. Banks were largely unfamiliar with aircraft as assets, and capital markets for aircraft finance simply didn’t exist. Today, we have over 50 active lessors, and more than half of the global fleet is leased. The funding landscape has also expanded significantly. It now includes traditional banks, alternative lenders, private equity and capital markets, all of which are collectively fueling the industry.
A stand-out change has to be the number of, and the importance of, lessors today. Lessors are now an integral part of an airline’s business. Leasing is no longer just about providing finance to fledgling airlines; lessors are now a strategic partner with the airline to manage its fleet planning, and as we have seen more recently, even equity participation.
Scale, access to capital and the ability to offer customers flexibility and a range of solutions are increasingly crucial for a lessor’s success. With the sheer number of lessors in the market today, competition has intensified, and I think consolidation among the leasing community will continue. A further impetus for consolidation is the current acute shortage of supply. The c. 4,000 production shortfall, having arisen as a result of the COVID-19 pandemic and current OEM production delays, means that it is more important than ever to access new aircraft supply. It is going to be some years yet before the balance of supply and demand reaches an equilibrium, and so it is increasingly vital for growth that lessors have access to forward aircraft orders.
Geographically, the growth of emerging markets, especially in Asia and Africa, has and will continue to be transformational. These regions offer immense opportunities for lessors.
Another shift is the importance of technology and data analytics, which are revolutionizing how lessors operate. All aircraft are now monitored 24/7 as a result of global sanctions. From asset value and maintenance forecasting to digital platforms for asset tracking and lease management, technology is enabling greater efficiency and smarter decision-making. The tools available today for modeling, assessing risk and optimizing fleet utilization are unrecognizable compared to when I relied on my trusty HP-12C calculator! And with artificial intelligence on the horizon, we’ve only just scratched the surface of what’s possible.
Sustainability is something that no lessor today can ignore. It is not a trend; it is an essential core component of aviation business planning, and all parties to the industry will need to work together to reach solutions.
The industry has always been cyclical, but events like the pandemic and ongoing geopolitical tensions have underscored the importance of reliable capital, risk diversification and resilience. Lessors have had to become more flexible with the commercial terms of leases. Remember the good old days when all lessees paid maintenance reserves? There has also been a heightened focus of late on liquidity and financial agility to navigate these challenges.
I have witnessed the aircraft leasing and finance industry grow from a niche segment into a critical force that shapes how the world airlines operate. What was once a transactional business is now a dynamic, technology-driven, hugely capital-intensive business and increasingly a more sustainability-focused sector.
Jetrader: What strategies do you believe are critical for companies to remain resilient in volatile times?
JO: Volatility has become the norm, and adapting to this reality requires a combination of agility, strategic foresight and strong partnerships. Resilience isn’t just about weathering storms; it’s about future-proofing the business. It is so important to diversify, both in terms of the aircraft portfolio and the financial backers. Ultimately, the companies that thrive in these volatile times are those that balance adaptability with long-term vision, combine financial discipline, and develop deep partnerships with their customers and suppliers.
Operating globally sets its own challenges, and lessors will need to navigate geopolitical instability, trade disputes and constantly shifting regulatory environments. These strategies not only ensure survival but also position companies for sustained growth in an evolving aviation landscape.
The aviation industry has been cyclical historically, and I believe the experience of managing through these cycles equipped the industry to successfully navigate the pandemic. I really saw just how important long-term relationships are and the decades of trust that had been built up helped parties to weather the storm together.
Jetrader: What is your leadership philosophy, and how has it influenced your success?
JO: My leadership style grew from the experiences I had during my early years in leasing and what I learned from some of the people I have worked with. Selecting the very “best in class,” working together, collaborating and supporting each other will lead to the development of a high-performance team with individual team members who are hardworking, empowered, more likely to be innovative and creative, and most likely to find success.
Creating a culture where people are valued is hugely important. Success isn’t just about achieving business goals; it’s also about creating opportunities for others to grow and excel. When you build a culture where people feel valued and supported, their success becomes a multiplier for the organization’s success and a real sense of professional and personal achievement for all concerned.
The aviation industry is constantly evolving, whether due to market shifts technological advancements or global events. I’ve learned to embrace change as an opportunity and to lead with agility, ensuring that our teams remain resilient and forward-thinking. Most importantly, I strive to be a leader who listens and invests in people.
Jetrader: You’ve served on boards like Emerald Airlines and High Ridge Aviation. How has board involvement broadened your perspective on the industry?
JO: As a non-executive board member, I have been fortunate to be able to contribute to boards on a wide cross-section of our industry: Emerald Airlines led by Conor MacCarthy, High Ridge Aviation led by Greg Conlon, and the START II ABS led by Peter Cecchini and Clay Glidewell. Working with these companies and these capable management teams facing differing challenges has been incredibly enriching. Being a board member is a very different role from being part of the management team. As a board member, my job is to support management but also to challenge constructively where appropriate.
For me, the non-executive role offers a much more strategic, high-level view of the industry. Board discussions focus on long-term planning, governance and risk management. This has deepened my understanding of how broader macroeconomic trends, regulatory changes and operational challenges shape decision-making at the top levels.
It’s also made me more aware of the need to balance diverse stakeholder interests. Whether it’s shareholders, customers, employees or partners, every decision has a ripple effect. Being part of a board has given me a clearer appreciation of how interconnected the industry is and how important it is to collaborate across different groups.
Another aspect I’ve found valuable is the opportunity to step back from the day-to-day operational mindset. On a board, you’re not immersed in the minute details of running a transaction or indeed a team — you’re looking at the bigger picture. This perspective shift has sharpened my critical thinking and my ability to ask the right questions.
Working alongside other experienced board members has been a fantastic learning experience. I’ve gained fresh ideas and new approaches to problem-solving and innovation from these exchanges. The diversity of insights and expertise around the table is invaluable, and I find that I am constantly learning.
Jetrader: What advice would you give to young professionals, particularly women, who are joining aviation finance?
JO: I would advise any young professional entering the industry to master the fundamentals and actively build their expertise, to network and become connected with as wide a range of people in the industry as possible, to communicate with confidence, to seek collegiate work environments where everyone’s input is valued, to promote diversity and inclusivity, to be strategic in their business dealings and with their career path rather than a passive participant, to cultivate resilience, to be proactive, to believe in yourself, to be unafraid of asking questions, to develop leadership skills early and to protect your deals with the strength of a lioness.
I am a firm believer that “time kills deals” and that doggedness and forward momentum are essential to getting any type of deal done. I always impart this advice to anyone joining the industry.
Since attending the very first ISTAT Europe conference in France, I have found ISTAT events to be a unique opportunity for the main players in the industry to congregate and get to know each other both professionally and personally. It also enables you to really keep your finger on the pulse of the market and whatever trends and issues are coming down the track.
For women in particular, I am grateful to have been able to demonstrate, along with others, that women in aviation can reach positions in the C-suite. “If you can see it, you can be it.” I would advise other women to strive to be in the room. It is essential to see more women and hear their voices in the C-suite and on boards.
It is critical to find a mentor or mentors who will help to guide you and, moreover, to find a sponsor who will be your champion and supporter in an organization. I have been very lucky to have had so many incredible mentors over my career, starting with the late great Trevor Henderson who taught me so much about sniffing out deals and the subtle art of negotiation. I have always been passionate about bringing “bright young things” into the business and have never regretted a moment of the time and energy I have spent with them. It brings me so much joy to see both the men and the women whom I have mentored do so very well in our industry.
Finally, my biggest piece of advice is to stay authentic and always do the right thing. Honesty and integrity will always win out in the long run, and your trustworthiness is absolutely key to building a successful career and life.
Jetrader: Congratulations on being recognized with the 2025 ISTAT Award. What does this honor mean to you personally and professionally?
JO: I would like to take this opportunity to thank ISTAT for this incredible award. To be the first woman recipient is a huge privilege, and I am delighted and deeply honored to accept this accolade.
During my early days, two of my male colleagues and I were being given a tour of an aircraft. The executive giving us the tour pointed to me and said “Now this is the part you will be most interested in,” as he led us into the galleys. I guess this award means I won’t be shown to the galleys anymore!
I am humbled to know that so many people supported my nomination, and it reminds me that my greatest success is shown by the support and trust of people in our industry.
I would like to share this award with my three engineers, my husband Mark and my two sons, Adam and Jeff. Our family is the greatest joy and achievement of my life
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