SAS loses CEO at ‘critical’ time


For SAS, the loss of its CEO means the board will need to find someone willing to take on the gargantuan task of running the business in the middle of a pandemic that’s already delivered a body blow to air travel. Gustafson intends to have left the company by July 1 at the latest.

STOCKHOLM: SAS AB, Scandinavia’s main carrier, is parting ways with chief executive officer Rickard Gustafson, leaving it searching for a replacement at an historically difficult time for the airline industry.

The Stockholm-based company announced late on Monday that Gustafson was resigning after a decade at the helm. The 56-year-old will become CEO at Swedish industrial giant SKF AB.

For SAS, the loss of its CEO means the board will need to find someone willing to take on the gargantuan task of running the business in the middle of a pandemic that’s already delivered a body blow to air travel. Gustafson intends to have left the company by July 1 at the latest.

“The task of reviving SAS is enormous, ” analysts at Sydbank wrote in a note. The company is “crying out for continuity and someone who has a deep knowledge of both the airline industry and SAS’s complexity. So Rickard Gustafson’s departure leaves SAS in a vacuum at a critical moment.”

Shares in the company have slipped about 6% this year after plunging 56% in 2020.

SAS chairman Carsten Dilling said he is “disappointed and sorry” that Gustafson is leaving. “SAS is still in a critical – but stable position – and the board has of course immediately started the process to appoint a new president and CEO of SAS, ” he said in the statement. — Bloomberg

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

SAS AB , CEO ,

   

Did you find this article insightful?

Yes
No

Next In Business News

Ralph Marshall is Digital Nasional CEO, Treasury sec-gen Asri as chairman�
Hang Seng Indexes shakes up Hong Kong benchmark, aims to include 100 companies
SCH Group is now known as Hextar Industries
Petronas' Malaysia bid round 2021 attracts over 250 potential, existing investors
Celcom allocates RM1bil for 2021 capex
Bursa Malaysia ends in negative territory
UEM Edgenta to save RM100mil in shift towards healthcare tech solutions
AmInvest Research lowers end-2021 KLCI target to 1,695
UOB Kay Hian Research keeps buy call on Top Glove, lower TP RM7.60
AMMB posts net profit of RM262.8m in 3Q, RM1.09b in 9M

Stories You'll Enjoy


Vouchers