Private jet firm Wheels Up appoints Delta board member its new CEO

Wheels Up Experience

14/09/2023 15:04

Sept 14 (Reuters) - Aviation firm Wheels Up  UP.N  named
Delta Air Lines'  DAL.N  board member George Mattson its new
chief executive on Thursday, weeks after the loss-making company
received a $500-million lifeline from a consortium including the
airline.
    The private-jet charter company has struggled as demand from
wealthy travelers slowed after the pandemic.
    Earlier this year, it gave up 95% of its common stock in
return for a $400-million term loan and $100-million liquidity
facility from Delta Air Lines and two investment firms. 
    Mattson, whose first official day is expected to be in early
October, has worked in aviation for 25 years. Meanwhile, Interim
CEO Todd Smith will continue as the company's chief financial
officer. 
    Shares of Wheels Up were down ~10% at $2.4 in the early
market hours.

 (Reporting by Aishwarya Jain)
 ((Aishwarya.Jain@thomsonreuters.com;))