The company said it hopes to be profitable by 2024 after cutting costs, streamlining operations and accelerating its digital infrastructure. [Courtesy: Wheels Up]
Key Takeaways:
Wheels Up founder Kenny Dichter has stepped down as CEO, with CFO Todd Smith becoming interim CEO and Ravi Thakran appointed as executive chairman.
The leadership change coincides with Wheels Up implementing strategic program changes to focus operations on high-density regions and evaluate non-strategic assets, aiming for profitability.
These initiatives follow a Q1 2023 report showing increased revenue but also a rise in net losses to $101 million and a decrease in active members and flight legs.
Wheels Up (NYSE: UP) founder Kenny Dichter has stepped down as CEO and a new slate of leadership installed, the on-demand private aviation company announced Tuesday.
The news comes as the company announced program changes and as it searches for profitability through cutting costs and streamlining operations.
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