Breaking news: Kenny Dichter steps down as CEO of Wheels Up
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 continue to be a member of the board of directors but will hand over to chief financial officer Todd Smith who will act as interim CEO. Wheels Up has retained an outside recruitment firm to find a permanent CEO.
The company also announced current board member Ravi Thakran will serve as executive chairman.
The reshuffle comes as the company announced its first quarter (Q1) results today. Wheels Up which reported net losses increased $12m year-over-year (yoy) to $101m, while adjusted EBITDA remained flat yoy with a loss of $49m.
Todd Smith, interim CEO, Wheels Up said: “As we position Wheels Up for future success, we expect the programme changes we announced today will allow us to continue to scale and evolve our product offering to deliver world-class service profitably.”
Dichter thanked the Wheels Up customers and 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 am looking forward to supporting Wheels Up as a shareholder, member of the board, founder and a strong advocate for our brand and mission.”
Meanwhile, read more about Wheels UP’s Q1 results here.