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8-Apr-2025 1:50 AM

airBaltic CEO steps down

airBaltic supervisory board decided (07-Apr-2025) on changes to the company's management board, with former CEO Martin Gauss stepping down from his position. Mr Gauss was CEO since 2011. Supervisory board chairman Andrejs Martinovs said: "Martin Gauss guided the company through significant transformation and growth, laying a strong foundation for its future". Mr Martinovs said: "Our core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO". Management board member and chief operations officer Pauls Cālītis assumes the duties of interim CEO. Vitolds Jakovļevs will continue in his role as management board member and chief financial officer. As previously reported by CAPA, airBaltic attributed a EUR118 million net loss recorded in 2024 to external factors, including accelerating depreciation on Pratt & Whitney engines, amounting to EUR73 million, and currency related noncash adjustments. [more - original PR]

Background ✨

airBaltic recorded a EUR118 million net loss in 2024, attributed to external factors such as the accelerated depreciation of Pratt & Whitney engines and currency-related noncash adjustments1. Despite these challenges, it achieved its highest-ever annual revenue of nearly EUR748 million and exceeded eight million passengers for the first time1. The company aimed for a successful IPO and enhanced its strategic partnership with Lufthansa Group2. The supervisory board elected Andrejs Martinovs as interim chairman2.

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