February 15, 2012 / 2:05 PM / in 6 years

Dubai Aerospace says acting CEO resigns

DUBAI, Feb 15 (Reuters) - Troubled government-owned leasing firm Dubai Aerospace Enterprise (DAE), which cancelled orders from Boeing and Airbus last year, said on Wednesday that its acting chief executive has resigned.

George Mushahwar left DAE to start an independent business venture, the company said in a statement.

DAE’s managing director Khalifa Al Daboos said the firm’s core management team will now be led by the chief operating officer. He said the shareholders are comfortable with the direction and strategy of the company.

DAE cancelled outstanding Airbus orders worth $5.8 billion in July and also cancelled orders for 35 Boeing 737s.

The chief executive of DAE’s capital division, Robert Genise, had stepped down in June.

The company said it leased nine new Boeing 777 freighters to Emirates airline. (Reporting by Praveen Menon; Editing by Firouz Sedarat)

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