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 Todd Smith appointed interim CEO and Ravi Thakran as executive chairman, as the company aims for profitability.
Despite a Q1 2023 revenue increase, Wheels Up reported increased net losses ($101 million) and a decline in active members and live flight legs.
To achieve profitability and streamline operations, the company is implementing significant program changes, including focusing on two primary U.S. service regions and strategically deploying its fleet.
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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