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 executive chairman, as the company seeks profitability.
Despite a Q1 2023 revenue increase, Wheels Up reported higher net losses, a decrease in active members, and fewer flight legs, highlighting its ongoing financial challenges.
The company is implementing significant program changes to streamline operations, focusing guaranteed service on two primary U.S. regions to improve efficiency and profitability.
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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