Kenny Dichter has stepped down as CEO of Wheels Up after a decade in the role.
Dichter founded the company in 2013 and took it public in 2021. He will remain a member of the board of directors, but will pass to CFO Todd Smith, who will serve as interim CEO. Wheels Up has hired an outside recruiting firm to find a permanent CEO.
The company also announced that current board member Ravi Thakran will serve as executive chairman.
The reshuffle comes as the company announced its first quarter (1Q) results today. Wheels Up, which reported a net loss, increased $12 million year-over-year (year-over-year) to $101 million, while adjusted EBITDA was flat year-over-year at a loss of $49 million.
Todd Smith, Interim CEO of Wheels Up, said: “As we position Wheels Up for future success, we expect the program changes we announced today will allow us to continue to expand and evolve our product offering to provide a world-class service cost-effectively.”
Dichter thanked the customers and the Wheels Up team. “As we continue our path to profitability, this is the right time to take on a new role where I will support Ravi and Todd and the business,” he said. “I look forward to supporting Wheels Up as a shareholder, board member, founder and strong advocate for our brand and mission.”
In the meantime, read more about Wheels UP’s Q1 results here.
