LHRFlyer
Topic Author
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Joined: Sun Apr 11, 2010 12:50 pm

Rafael Sánchez-Lozano Replaced As CEO Of Iberia

Wed Mar 27, 2013 10:41 am

No doubt more changes to come at Iberia.

http://www.iairgroup.com/phoenix.zht...rticle_Print&ID=1800899&highlight=

Quote:
International Airlines Group (IAG) and Rafael Sánchez-Lozano have decided by mutual agreement that he will step down as chief executive of Iberia and from the IAG board with immediate effect. He will be replaced by Luis Gallego who is currently chief executive of Iberia's subsidiary Iberia Express. Luis has joined the Iberia and IAG boards.

Willie Walsh, IAG chief executive, said: "I would like to thank Rafael for his hard work and commitment to Iberia. He has led the airline through a very difficult period in the midst of a deep recession and has completed the first important step towards returning the airline to profitability.

"Luis Gallego has extensive experience across a range of international airlines. He was instrumental as chief executive of Iberia Express in creating an airline that is a great success. It is profitable, punctual and popular with customers and has created 500 much needed jobs in Spain. Iberia is entering its next transition phase and I have every confidence that Luis can return Iberia to profitable growth".
 
PDPsol
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RE: Rafael Sánchez-Lozano Replaced As CEO Of Iberia

Wed Mar 27, 2013 1:21 pm

Quoting LHRFlyer (Thread starter):
No doubt more changes to come at Iberia.

Oh yes, for sure. IB is facing a major restructuring of its operations and governance. I am sure IAG is running IB on a pure 'cash flow basis', monitoring all collections and disbursements, day-by-day, week-by-week, just like a company in financial restructuring, controlled by its creditors.

The management at IB will surely be held to account for any slip-up, any deferral of its cash flow plan. If you don't make, you're out, full stop, no excuses.
 
r2rho
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Joined: Tue Feb 27, 2007 10:13 pm

RE: Rafael Sánchez-Lozano Replaced As CEO Of Iberia

Wed Apr 03, 2013 11:20 am

It is not clear if he is stepping down or "being asked" to step down. Either way, he wins and walks away with 2million Euros as stipulated in his contract, as various Spanish media were quick to point out.

http://www.elmundo.es/elmundo/2013/03/27/economia/1364376864.html

Given the state he leaves the airline in, for which he definitely has a share of responsibility too, and the fact that a quarter of the workforce are being fired, the morality of this is, at best, questionable. This will only add fuel to the fire of the ongoing labor conflict, and further underpin union accusations that IB's top managers just wanted to "hand IB to the British and run away with the money" (regardless of the truthfulness of these accusations, from a PR point of view this is exactly the image that is being transmitted).

With or without the money, his departure can be good news. I don't know Luis Gallego but given his Clickair/Vueling/IB Express background he should know a bit better what a lean and efficient airline is about.
 
UALWN
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RE: Rafael Sánchez-Lozano Replaced As CEO Of Iberia

Wed Apr 03, 2013 12:25 pm

Quoting r2rho (Reply 2):

Well, €2m is a large chunk of money, but nothing like the $20m that Tom Horton wants to get when he ceases to be the caretaker CEO of bankrupt AA.
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lightsaber
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RE: Rafael Sánchez-Lozano Replaced As CEO Of Iberia

Wed Apr 03, 2013 12:50 pm

Quoting PDPsol (Reply 1):
I am sure IAG is running IB on a pure 'cash flow basis', monitoring all collections and disbursements, day-by-day, week-by-week, just like a company in financial restructuring, controlled by its creditors.

You mean IB is becoming a numbers run company?    Past due!

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