Airline Management

Richard Davey Chief Executive Officer

Before founding Nyras, Richard Davey was Global Aviation Leader for PricewaterhouseCoopers (PwC), responsible for a US$350 million business consultancy operation covering all aspects of the international air transport and travel industries. With PwC, Richard planned and implemented major strategic change and developed new business models for the aviation industry. Over a 30-year career in the aviation industry, he has gained a reputation for strong business insight, in-depth knowledge of airline merger processes, knowledge of what it takes to implement change, and a profound commitment to achieving results.

Richard personally led the majority of our assignments since the organisation’s inception. Richard has acted as the industry adviser on the Amadeus transaction, led a major revenue enhancement and cost reduction assignment at Qantas, conducted a review of British Airways for the BA Pension Fund Trustees, developed strategic options and restructuring solutions for a number of European airlines, advised on and developed implementation plans for mergers between airlines, led the strategic review and sale of GB Airways to easyjet, and was the advisor to AviAlliance (former Hochtief AirPort) on the potential acquisition of Gatwick Airport.

He has advised and worked with a wide range of clients, such as British Airways, DFS (Deutsche Flugsicherung), Vueling, TUI, Alitalia, Etihad, KLM, Iberia, SAS, SWISS, and Finnair, as well as a number of airport groups, aviation services companies and private equity houses. He holds a Bachelor of Arts degree from Manchester University and an MBA from London Business School.

Larry Stanley Chairman

A former Group Chief Executive Officer of Aer Lingus, Larry Stanley has had a long and distinguished career in the aviation industry. Larry was responsible for drawing up the highly successful Aer Lingus Survival Plan in 2001 and led the airline into full membership of the global oneworld alliance.
He has represented Aer Lingus on key committees of IATA, AEA and IACA. Prior to his CEO appointment, Larry headed the airline’s profitable Subsidiaries division and served as chairman of the maintenance, travel, hotel and other subsidiary businesses. He is also a former Chief Executive of Bahamasair.

Larry joined Nyras as Vice Chairman following his retirement from Aer Lingus in 2002 and was appointed Chairman in succession to Derek Stevens in late 2013.

In addition to his role with Nyras, Larry has served on the Boards of Futura International in Spain as Chairman, and Aer Arann, the Irish regional airline. Larry holds degrees in Business Studies and Arts from Trinity College, Dublin.

Kevin Hatton Deputy Chairman

Kevin Hatton is the former Chief Executive of GB Airways, Managing Director of Britannia Airways and long-serving senior executive with British Airways. Kevin was appointed Deputy Chairman and Director of Nyras in July 2012.
Kevin has a long-standing relationship with Nyras, as the company advised GB Airways on its successful sale to easyjet in 2008. He had also previously worked with Nyras Chief Executive, Richard Davey, on a major business transformation programme at BA.

Having begun his aviation career with British European Airways (BEA) in the 1960s, Kevin subsequently joined British Overseas Airways Corporation (BOAC) where he undertook a number of overseas posts in the Far East, Africa, USA and the Caribbean. He returned to the UK after BEA and BOAC were merged to form British Airways in the early 1970s. Kevin was then appointed to a number of senior management posts in mainland Europe, between which he also served briefly on the executive team at the BA charter subsidiary, British Airtours. He was recalled to London as BA’s Head of Sales, UK & Ireland, following the airline’s acquisition of British Caledonian Airways in 1988.

In 1993, Kevin was promoted to Managing Director, British Airways World Cargo, a post he held until his retirement from the airline in May, 2000. Later that year, Kevin was invited by the then Thomson Travel Group (later, TUI) to become Managing Director of Britannia Airways. In 2003 he was given additional responsibility as Chief Executive, TUI Airline Management, based in Hannover, Germany. He remained with the group until December 2005. In early 2006, Kevin was recruited as Chief Executive of GB Airways, the British Airways franchise partner owned by the Bland Group. After heading the airline for the next two years, he led negotiations for the successful sale of GB Airways to easyjet in 2008 and played a key role in the integration of the two carriers.

Derek Stevens Senior Non-Executive Director

Derek Stevens is most notable for his role as Chief Financial Officer of British Airways Plc between 1989 and 2001, a period of sustained high profitability for the airline. With BA, Derek worked in partnership with three successive Chief Executives, the late Lord Marshall, Robert Ayling and Sir Rod Eddington.

He served as the airline’s nominee on the boards of Galileo International and US Airways. Derek was also a prominent member of the IATA Financial Committee. Before joining BA, he was Finance Director of the TSB Group and had previously held senior posts with Shell International, PA Consulting and United Dominion Trust. He served as Nyras Chairman from its inception in 2003 until 2013, when he became Senior Non-executive Director.

More recently, Derek has served as Chairman of the Airline Group, the consortium of airlines which holds a controlling stake in NATS, the UK’s air navigation service provider. He has been a non-executive director of Aviva Plc, the insurance, long-term savings and fund management group, and Chair of The Travel Foundation, a sustainable travel charity.

In addition to his position with Nyras, he chairs the board of the Aviva Staff Pension Scheme and the Investment Committee of the Rothschild Pension Scheme, and is Deputy Chair of Council at the Institute of Education, London University.
A qualified accountant, Derek holds an MBA from the University of California, Berkeley.

David Huttner Senior Vice President

David Huttner leads our airline commercial practice and has an extensive experience in developing and restructuring airlines. David had previously spent 9 years with the Virgin Group, initially with Virgin Express in Europe and latterly with Virgin Blue in Australia where he was one of the original founders of the airline and a member of its executive team with responsibility for the airline’s commercial activities.

Recently, David led the team assisting Air Baltic with the first phase of its recent restructuring leading up to a significant CS100 order. David has conducted multiple evaluations of airlines with particular focus on their commercial effectiveness, competitive positioning, and strategic options. He has reviewed investment opportunities for the Virgin Group and the IFC (World Bank Group).

David was a Board Director of Spanish airline Vueling during its successful IPO. He also served for a number of years as the advisor to the Vietnamese Shareholder and the CEO of Jetstar Pacific, the Qantas Group affiliate in Vietnam. David has been a commercial advisor to Spring Airlines of Shanghai and Tiger Airways and has supported Peach airlines of Japan on a procurement project.

David has undertaken business consultancy projects for a range of major aviation industry clients, including Amadeus, Macquarie, Navitiaire (under Accenture), Jersey Airport, Vueling Airlines, Air Arabia, Air Baltic, IATA, Jetstar Pacific, Drukair, Kulula-Comair, Ontario Airports-CPH (Ontario Teachers), Royal Jordanian, Tiger Airways, Virgin Group, IFC (World Bank Group), TUI Group and Oman Airports (OAMC) amongst others.
David graduated from Brown University with a BA in International Relations and hold an MBA from INSEAD in France.

Iain May Senior Vice President

Iain is the former Chief Executive Officer of the Bland Group, and former Chief Financial Officer of GB Airways, Jazeera Airways and First Choice Airways.

Iain led the restructuring of Bland Group following the sale of GB Airways to easyJet and the transition of Bland Group from a travel sector business to a defense sector enterprise. Iain also drove significant successful restructuring projects at GB Airways and First Choice Airways, was integral to the development of strategic options and subsequent sale of GB Airways to easyJet. As CFO at Jazeera Airways, Iain had responsibility for development of plans post IPO, and subsequent implementation of the “start up” program in which he was involved in every part of the business.

Whilst at Nyras, Iain has led a turnaround/cost reduction project with a major carrier, completed analysis on the interface between fleet costs and maintenance reserves for a major charter airline, was responsible for the commercial and financial integration aspects of a proposed merger between a Middle East and European airline, and has led a major airline group review of all its activities across its airlines.

Iain has significant experience in ‘specialist’ valuations of airline ‘assets’ such as slots and route rights and has led valuations of, and negotiated transfers of, slots with and for a number of Gulf airlines.

Nigel Addison Smith Senior Vice President

Nigel Addison Smith is FCA (Financial Conduct Authority) certified to advise on transactions. Nigel has been involved in a number of projects including the refinancing of a regional airline, traffic forecasting for a major Middle East airline, Asia strategy advice for a European carrier, due diligence on London City Airport and advising SriLankan Airlines on its strategic options.

Former airline Chief Financial Officer of First Choice Airways (new Thomson Airways part of TUI), Nigel was involved on airline due diligence for Onur Air, Air Europa, Edelweiss and Leisure International. Nigel led the transaction for the purchase of Virgin Sun from Virgin Atlantic. After First Choice he moved to ebookers plc as CFO, the online travel agent, where he was responsible for the acquisition of Travelbag, the Australian owned travel agency. Whilst at ebookers Nigel carried out multiple due diligence exercises on potential acquisition targets and handled due diligence for potential acquirers of ebookers.

After ebookers Nigel became CFO of ECGD (new UK Export Finance), the UK export credit agency (ECA), where he was deputy Chair of the Risk Committee approving over 600 aircraft financing transactions for 70 airlines and lessors (including Air Asia, the big China three, Cathay, Qantas, Thai, Vietnam Airlines, Cebu Pacific, PAL, Tiger and Korean). He was also involved in the approval of major oil & gas project finance deals including Vietnam and Saudi Arabia, and military long term credit insurance transactions. Such transactions require significant levels of due diligence.

Mark Elliott Senior Vice President

Mark Elliott is an industry finance professional with more than 20 years of experience in airline management and advisory roles. Appointed as a Senior Associate in May 2012 and subsequently as Senior Vice President in August 2015, Mark brings proven expertise in the profitable development of aviation businesses, ranging from start-up development to restructuring, turnaround and major change in established organisations. Mark is an acknowledged aircraft financing and leasing specialist.

After gaining qualification as a Certified Accountant, he joined British Airways’ (BA) finance organisation in 1990. Mark progressed through a number of management positions to become Area Business Manager, Northern Europe, based in Frankfurt. In 2000, he was appointed Finance Director for the airline’s Munich-based subsidiary, Deutsche BA; and had a key role in selling the company to a German investor.

Mark returned to the UK in 2003 as BA’s Financial Controller, Flight Operations & Inflight Service before being recruited as Vice-President Finance for Jazeera Airways, the Kuwait-based low cost carrier, in 2006.

Since 2007, Mark has carried out interim and consultancy assignments for several major airlines and aviation companies in the UK, continental Europe, Middle East, Russia and Africa. He also worked as Interim Finance Director for Bland Group’s Universal Engineering during 2010.

He is a fellow of the Association of Chartered Certified Accountants and speaks German.

Yen Sung Senior Advisor

Yen Sung is FCA-authorised and an experienced strategic aviation consultant and project manager. Yen has particular experience of due diligence and restructuring supporting major transactions, involving the provision of strategic and tactical advice and management of commercial and operational due diligence.

Some of her project experience includes preparing for large scale collaboration between DFS and NATS within a shares acquisition transaction as well as due diligence on Swissair and Etihad, due diligence/transaction support for an MRO business unit disposal and on SR Technic for a private equity investor. Yen has also recently led a worldwide study on major congested airports which involved a number of Asian airports and their key airlines, managed a traffic forecasting study for a Middle-Eastern airport and is currently running a programme office for an international airline undergoing major operational changes to take advantage of new market opportunities.

Previously at PricewaterhouseCoopers, Yen undertook a wide variety of business advisory focusing on the aviation sector. Her clients have included British Airways, Qantas, Airbus, SWISS, SAS, Aer Lingus, Vueling, Etihad, DFS (Deutsche Flugsicherung), Dubai Airports, Flybe, Alitalia, GB Airways, SR Technic, British Midland, Eastern Airways, Lockheed, BAA, Schiphol Airport and AENA. She has also provided support to funding institutions and private equity houses interested in the aviation sector.

Yen is of Chinese origin and is conversationally fluent in Mandarin and Cantonese.

Laura Valcarcel Varela Consultant

Laura holds a degree in Aeronautical Engineering from the Universidad Politecnica de Madrid. After graduating, Laura joined Accenture, Madrid as a Project Leader for a European aircraft manufacturer. She has also previously served an internship with Spain’s Aernnova Solutions.

Laura joined Nyras in October 2014 as a consultant and has become an integral part of the Nyras team. Having been involved with a variety of projects, Laura has demonstrated substantial ability within the area of MRO.

Eleanor Ogilvie Consultant

Eleanor Ogilvie joined Nyras as a Consultant in October 2014.
After graduating from Jesus College, Cambridge, in 2013, she was recruited as an Analyst – Operations Consulting, by Deloitte. She had previously undertaken a Summer Internship Programme with Ernst & Young, and had developed a strong interest in the aviation sector. Eleanor holds a CIMA Certificate in Business Accounting.

Isabelle Bellon Business Analyst

After graduating from the EM Strasbourg Business School, Isabelle completed a placement year at Airbus, in Toulouse, before joining Nyras Capital in 2015 as a Business Analyst. Isabelle is fluent in French and English.

Alice Ferrari Consultant

Alice Ferrari graduated from Cranfield University with a Masters (MSc) in Air Transport Management and also has an Economics Degree specialised in transport and logistics from Genoa University.

Alice previously worked at easyJet where she acquired substantial insight in the low cost airline business model particularly in operations. She held a number of positions at easyJet including working for the Chief Operating Officer performing high level analytical work to support the COO in reviewing commercial, operational and financial performance. She also managed the project portfolio for some of the key strategic initiatives for Operations around driving operational efficiency and creating a digital platform to drive cost savings and enhance the customer experience whilst working cross functionally with most areas of the business including Commercial, Marketing and HR.