CFO Todd Smith leaves Wheels Up
In a filing on the exchange, the private aviation company Wheels Up announced that the company’s chief financial officer Todd Smith has resigned from his position from September 6, 2024.
Following the announcement, the company’s stock fell 4% as Smith was hailed as the key architect behind recent turnaround in Wheels Up financials.
Wheels Up reported flat revenue of $196m for the second quarter of 2024. Despite relatively unchanged top-line figures, the company’s results showed progress in cost management and operational efficiency. The private aviation company saw an 8% increase in flight service revenue to $163.6m, offset by declines in other areas such as membership and aircraft management.
“Mr. Smith’s decision to resign was not due to any disagreement with the company or its subsidiaries on any matter relating to its operations, policies or practices,” read the company notice.
The company said it has launched a search to identify a permanent replacement for Mr. Smith. However, in the meanwhile Eric Cabezas will serve as the company’s interim CFO and principal financial officer. Cabezas has served as the company’s senior vice president of finance since February 2019, and previously served as the company’s interim chief financial officer from May to June 2022.
In other people news, the company announced that the Wheels Up board appointed Alexander Chatkewitz as principal accounting officer of the company to become effective on Smith’s departure.
Wheels Up also announced that Laura Heltebran, its chief legal officer, will be resigning from the company effective September 6, 2024. In recognition of her long-term contributions, the company and Heltebran have agreed to a separation agreement that includes a severance package and a general release of claims.
