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3 AUGUST 2020

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Article from BTNews 3 AUGUST 2020

A Spanish boss for IAG

Another Spanish chairman has been confirmed with Antonio Vazquez stepping down from IAG, the airline group which includes British Airways, Iberia, Aer Lingus, Vueling and Level.

An announcement last Friday, timed to coincide with the half year results, Javier Ferran named as Chairman from January.  He was only appointed to the Board in July 2019.  His background has been very much in the drinks industry with senior appointments at Martini & Rossi and Bacardi, and is also an operating partner with BlackRock's private equity fund. 

For the period January-June IAG swung to a pre-tax loss of €4.2bn (£3.8bn).  This is down from a €1bn (£0.9 bn) profit in the same period a year ago.  Revenue was €5.3bn (£4.8bn), some 56% lower than 2019's levels. 

British Airways represents about 62% of IAG income (and losses), Iberia 20%, with Vueling and Aer Lingus at 8%.

The 39-page document goes into much detail regarding finance but no staff numbers are given.

www.iairgroup.com

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Paul Graham, London

Is there no British businessman to chair IAG? Or is it that nobody wants to take on the dangerous mission. Lord King had his problems too, but he flew the flag.


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