Andrew Levy
About Andrew Levy
Andrew Levy (age 55) has served as an independent director of AerSale Corporation since April 15, 2023. He is the founder, Chairman and CEO of Avelo Airlines, and previously served as EVP & CFO of United Airlines (2016–2018) and co‑founder/President/COO/CFO/Treasurer and director at Allegiant Travel Company (2001–2014). He holds a BA in Economics from Washington University in St. Louis and a JD from Emory University School of Law .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Allegiant Travel Company (Nasdaq: ALGT) | Co‑Founder; President, COO, CFO, Treasurer; Director | 2001–2014 | Built ULCC model; governance experience |
| United Airlines (NYSE: UAL) | EVP & Chief Financial Officer | Aug 2016–May 2018 | Finance leadership at major carrier |
| ValuJet Airlines | Director of Contracts | Mid‑1990s | Early operations/contracting experience |
| Savoy Capital (aviation-focused investment/advisory) | Vice President | Late 1990s | Aviation investment background |
| Mpower Communications | Vice President, Network Development & Planning | Late 1990s–early 2000s | Telecom planning experience |
External Roles
| Organization | Role | Since | Notes |
|---|---|---|---|
| Avelo Airlines | Founder, Chairman & CEO | 2021 | Private ULCC; operational leadership |
| Copa Holdings, S.A. (NYSE: CPA) | Director; Audit Committee service | 2016 | Board tenure confirmed; committee service |
| AerSale (Nasdaq: ASLE) | Director | Apr 15, 2023 | Audit Committee Chair; Investment Committee member |
Board Governance
- Committee assignments (current): Audit Committee Chair (effective Mar 11, 2024); Investment Committee member (as of Mar 31, 2025) .
- Independence: Board determined Levy is independent under Nasdaq rules .
- Audit committee financial expert: Board determined Levy qualifies as an “audit committee financial expert” .
- Attendance: Each director attended ≥90% of Board and committee meetings in 2024 .
- Lead Independent Director: Upon Peter Nolan’s term end at the Jun 5, 2025 Annual Meeting, the Board anticipates appointing Levy as Lead Independent Director .
| Governance Item | Detail | Citation |
|---|---|---|
| Audit Committee membership | Levy (Chair), Nolan, Fedder; Mullins added Feb 18, 2025 | |
| Audit Committee meetings | 4 meetings in FY2024 | |
| Investment Committee | Members include Finazzo and Levy; oversight for transactions ≥$25M | |
| Independence status | Independent director (Nasdaq criteria) | |
| Anticipated LID role | Expected appointment post‑Annual Meeting (Jun 5, 2025) |
Fixed Compensation
| Component | Policy Amount | 2023 Actual (Levy) | 2024 Actual (Levy) | Notes |
|---|---|---|---|---|
| Annual Director Cash Retainer | $75,000 | $54,959 | $91,042 | 2024 includes prorated Audit Chair fee |
| Lead Independent Director Cash Retainer | $100,000 | — | — | Levy not LID in 2024 |
| Audit Committee Chair Retainer | $17,500 | — | Included via pro‑ration | Chair effective Mar 11, 2024 |
| Audit Committee Member Retainer | $10,000 | — | — | Policy amounts |
| Compensation Committee Chair/Member Retainers | $15,000 / $7,000 | — | — | Policy amounts |
| Governance Committee Chair/Member Retainers | $10,000 / $5,000 | — | — | Policy amounts |
Performance Compensation
Directors receive annual time‑based RSUs; no performance metrics (e.g., EBITDA/TSR) are tied to director awards. Director equity vests typically on the first anniversary of grant .
| Equity Grant Metric | Value | Vesting | Citation |
|---|---|---|---|
| Annual RSU (2024) | $125,000 grant‑date fair value | Generally 12‑month vest | |
| Unvested RSUs at 12/31/2024 (Levy) | 16,960 units | Vest on first anniversary of grant |
Other Directorships & Interlocks
| Relationship | Detail | Governance Handling | Citation |
|---|---|---|---|
| Avelo Airlines (CEO) / AerSale | AerSale performed MRO “C‑Check” services for one Avelo aircraft from Apr 9–Aug 8, 2024 totaling $1.4M | Audit Committee approved; determined market rates; policy bars related director participation; Committee determined Levy did not personally benefit | |
| Copa Holdings | Levy serves as director; audit committee service | External board experience; enhances audit oversight expertise at AerSale |
Expertise & Qualifications
- Financial oversight: Former CFO of United; audit committee financial expert designation .
- Aviation operations: Multi‑decade airline leadership (Avelo, Allegiant) .
- Strategy/capital markets: Senior roles across ULCC build‑outs and public company governance .
- Legal training: JD, Emory University; complements audit/risk oversight .
Equity Ownership
| Ownership Item | Amount | Notes |
|---|---|---|
| Common shares beneficially owned (4/9/2025) | 39,538 shares | |
| Unvested RSUs (12/31/2024) | 16,960 units | |
| Shares outstanding (Record Date for 2025 Meeting) | 46,860,066 | |
| Approximate ownership % | ~0.08% (39,538 ÷ 46,860,066) |
Insider transactions:
- Open market purchase: 14,000 shares of ASLE acquired on Aug 14, 2023 . Note: We attempted to fetch Andrew Levy’s Form 4 history via the insider‑trades skill (2023–2025), but the API returned unauthorized (401). We therefore cite publicly available summaries for the 2023 purchase (see URL above).
Governance Assessment
- Board effectiveness: Levy strengthens AerSale’s audit and financial oversight, bringing current operating insight from Avelo and past CFO experience at United. His “audit committee financial expert” status aligns with best‑practice composition .
- Independence & engagement: Independent under Nasdaq rules; directors met ≥90% attendance; Levy chaired an active audit committee (4 meetings in 2024) .
- Compensation & alignment: 2024 total director pay of $216,042 (cash $91,042; RSU $125,000) aligns with AerSale’s policy; annual time‑based RSUs support alignment without short‑term performance distortions .
- Ownership: Holds 39,538 shares plus unvested RSUs; a modest but meaningful stake supporting skin‑in‑the‑game .
- Conflicts & related‑party risk:
- RED FLAG (mitigated): AerSale’s $1.4M MRO work for Avelo while Levy is Avelo’s CEO. Mitigants: Audit Committee approval at market rates, policy requiring recusal for related directors, and explicit disclosure that Levy did not personally benefit .
- Leadership transition signal: Anticipated move to Lead Independent Director post‑Annual Meeting suggests Board confidence in Levy’s governance leadership and could further strengthen independent oversight of combined Chair/CEO structure .