Delta Air Lines announced that some of the recent changes to the carrier’s loyalty program would be rolled back after travelers voiced their displeasure.
Wheels Up Flies South To Regain Altitude With New CEO
14.09.2023 - 13:13 / forbes.com / Ed Bastian / Delta Ceo / With New / New Ceo
Wheels Up is again turning to Delta Air Lines for C-suite leadership. After appointing the Atlanta-based airline’s CFO Dan Janki as Chairman last month, the New York-based private jet flight provider is tapping Delta Board Member George Mattson as CEO.
He replaces Interim CEO Todd Smith, who returns to his CFO role. Smith moved to the corner office after Founder, Chairman, and CEO Kenny Dichter stepped aside in May amid mounting losses.
Mattson is a member of Delta’s Board of Directors since 2012. He previously served as a partner and co-head of the Global Industrials Group in Investment Banking at Goldman Sachs & Co. from 2002 to 2012, during which time his responsibilities included oversight of the Transportation and Airline practices. Since 2014, he has been the lead investor and Chairman of Tropic Ocean Airways, the nation’s second-largest operator of seaplanes. Tropic Ocean Airways is a Wheels Up partner.
This morning’s news comes as Wheels Up is working to finalize a $500 million investment led by Delta. In August, Wheels Up announced a non-binding agreement which is expected to include funds contributed by Delta, CK Opportunities Fund I, LP, which is co-managed by affiliates of Certares Management LLC and Knighthead Capital Management LLC, and certain other lenders. The transaction is subject to completing definitive documentation, as well as customary closing conditions and other approvals.
The deal would give Delta and financial partners a 95% stake in the 2013 startup, which has struggled to merge a half-dozen acquisitions and failure to hit profit targets since its July 2021 IPO despite exceeding sales goals.
"George is an exceptional business leader whose background will be instrumental to the continued success of Wheels Up," said Delta CEO Ed Bastian. "With new leadership in place, Wheels Up is well-positioned to drive strategic, operational and financial improvements for its customers and stakeholders in the months and years ahead."
"I look forward to working with George as he brings his expertise and leadership to Wheels Up," said Janki. "I would also like to thank interim CEO Todd Smith for his leadership through this period of transition at Wheels Up. The changes made during his tenure are expected to stabilize the business and will help drive future profitability and an elevated experience for our members. Todd will continue his work as Wheels Up CFO."
“In 10 years, Wheels Up has grown from a startup into a global leader in private aviation, with a strong consumer brand and loyal member community,” Mattson said. “I look forward to leading the Wheels Up team, with the operational, commercial, strategic and financial support of Delta and our other new investors. Delivering
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