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, amidst the company's search for profitability.
The company announced significant program changes, focusing its fleet and services on two primary U.S. regions (east and west of the Mississippi) to improve efficiency, pricing, and profitability.
These leadership and operational shifts occur as Wheels Up reported increased net losses ($101 million) and a dip in active members and flight legs, despite a year-over-year revenue increase in Q1 2023.
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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