UP - Wheels Up founder Kenny Dichter to step away as CEO

2023-05-09 08:02:21 ET

Wheels Up Experience ( NYSE: UP ) announced on Tuesday that founder Kenny Dichter will step away from his role as CEO at the company he established in 2013 and took public in 2021. Dichter will continue to be a member of the Wheels Up ( UP ) board of directors.

The company has retained a leading executive search firm to find a new permanent CEO.

In addition, Wheels Up ( UP ) announced current board member Ravi Thakran — former Group Chairman, Asia for LVMH and former Chairman and Founding Partner, L Catterton Asia —  will serve as Executive Chairman, and that Chief Financial Officer Todd Smith has been named interim CEO, reporting to Thakran.

"The changes we are making position Wheels Up to deliver attractive returns and profitability for shareholders and an amazing experience for members," noted Smith said.

Wheels Up ( UP ) plans to will discuss the management and board changes further on its Q1 earnings call.

Shares of Wheels Up ( UP ) rose 3.15% in premarket trading on Tuesday.

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• See the Seeking Alpha Quant Rating

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