Home Finance British Airways Owner IAG Names New Finance Chief – Wall Street Journal

British Airways Owner IAG Names New Finance Chief – Wall Street Journal

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International Consolidated Airlines Group owns British Airways, Iberia and Aer Lingus, among other airlines.


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alkis konstantinidis/Reuters

International Consolidated Airlines Group
SA

appointed the chief financial officer of its British Airways unit as the airline operator’s new finance chief.

IAG, which also owns Iberia and Aer Lingus, said Steve Gunning will take over as CFO at the company’s annual general meeting in June.

He succeeds current finance chief Enrique Dupuy de Lôme, who plans to step down after more than eight years in the role. Mr. Dupuy will continue to serve as president of Iberia Cards, a branded bank card program, IAG said.

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Mr. Gunning has served as finance chief at British Airways since January 2016 and as acting director of IAG Global Business Services since December 2017. Before that, he was chief executive of IAG Cargo. Mr. Gunning joined British Airways in 1998.

He will be taking over the reins of IAG’s finance team as the airline industry prepares for the prospect of Britain leaving the European Union without a pre-agreed separation accord on Oct. 31.

Under a no-deal Brexit scenario, airline operators including IAG would have to prove that they are more than 50% owned and controlled by EU-based investors to keep their flying rights in the bloc unchanged. IAG in January introduced a cap limiting the shareholding by non-EU investors at 47.5%.

Mr. Dupuy has been IAG’s CFO since January 2011 and previously was CFO at Iberia. “At 29 years at IAG and Iberia, Enrique and the IAG board have agreed that this is the right time for him to leave,” an IAG spokeswoman said.

Mr. Dupuy was “a major force in delivering our strong financial performance,” Chief Executive Willie Walsh said in a statement.

The airline group reported passenger revenue of €21.55 billion ($24.37 billion) in 2018, compared with €20.29 billion in 2017. Profit was €2.90 billion, up from €2.01 billion in 2017.

Remuneration details for Mr. Gunning will be disclosed in due course, IAG said.

Write to Nina Trentmann at Nina.Trentmann@wsj.com

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