- IAG names Sean Doyle of Aer Lingus as the new CEO of British Airways.
- Alex Cruz will serve as non-executive chairman for a transition period.
- IAG announces Fernando Candela as its Chief Transformation Officer.
CEO Luis Gallego of International Consolidated Airlines Group (LON: IAG) announced Sean Doyle as the new Chief Executive of British Airways on Monday. Doyle has been serving in a similar capacity at Aer Lingus (also IAG’s subsidiary) and will now replace Alex Cruz at British Airways with immediate effect.
Shares of the company lost 2% on market open on Monday. IAG is now trading at 102 pence per share that translates to a 60% decline year to date in the stock market after recovering from an even lower 68 pence per share in mid-May. Confused about choosing a reliable stockbroker to trade online? Here’s a comparison of the top few to make selection easier for you.
Alex Cruz will serve as non-executive chairman for a transition period
Doyle was appointed to lead Aer Lingus in 2019, before which, he worked at British Airways as director of network, fleet, and alliances. The announcement also confirmed on Monday that Cruz, who has been the Chief Executive of British Airways since 2016, will continue to serve as a non-executive chairman at the United Kingdom’s flagship air carrier for a transition period.
Doyle is expected to meet with a massive challenge of getting British Airways back on its feet. The Harmondsworth-based airline is currently struggling to pull out of the impact of the Coronavirus pandemic that brought the demand for air travel to a near halt this year.
Last month, IAG said it raised £2.5 billion to cushion the economic blow from the COVID-19 crisis and minimise its debt. According to Gallego:
“We’re navigating the worst crisis faced in our industry, and I’m confident these internal promotions will ensure IAG is well placed to emerge in a strong position.”
IAG names Fernando Candela as its Chief Transformation Officer
Cruz frequently came under fire from the trade unions this year as he expressed plans of an unprecedently large job cut to affect 12 thousand workers at British Airways in an attempt to shore up finances amidst the COVID-19 crisis.
IAG also said on Monday that Fernando Candela will join the Group as its chief transformation officer. Candela was serving as the CEO of IAG’s low-cost subsidiary, Level. Aer Lingus’ Donal Moriarty will take on the role of interim CEO at Level as IAG looks for a suitable permanent replacement for the top position.
At the time of writing, IAG is valued at £5.07 billion.