Battered by a drop in airplane values and struggling to maintain payments to investors who poured $1.1 billion into its public limited partnerships, Polaris Aircraft Leasing switched pilots on Apr. 23. Veteran Marc Desautels abruptly resigned as president and was replaced by Herbert Depp, formerly executive vice-president.
Desautels, who joined Polaris in 1978, helped make the GE Capital unit one of the world's largest aircraft leasing firms. But bankruptcy filings by Continental and Pan Am have cut lease payments. And many of Polaris' 400 planes are plummeting in value as a flood of old jets hits the market.