International Airlines Group has reported a loss of €1.3 billion for the third quarter and confirmed it will make further capacity cuts for the rest of the year.
Alex Cruz, chairman and chief executive British Airways, is to step down from the roles with immediate effect. He will remain with the airline as non-executive chairman.
The group – which owns British Airways, Iberia and Aer Lingus – said it now plans to operate 40 per cent of its 2019 capacity during the autumn.
Sánchez-Prieto has served as strategic planning and finance manager at Iberia during the period in which the company returned to profitability following several years of losses.
Luis Gallego has taken up the role of chief executive with International Airlines Group. He was previously chairman and chief executive of Iberia, and took on the top job after the annual general meeting.
International Airlines Group has reported an operating loss of €1.3 billion before exceptional items for the second quarter, compared to a profit of €960 million last year.
Having reached nine years in office last January, the maximum recommended in the UK corporate governance code, Antonio Vázquez will step down in January.
The short-haul division of International Airlines Group budget carrier Level is filing for insolvency. Branded as Level Europe, the division was operated by Anisec Luftfahrt.
International Airlines Group chief executive, Willy Walsh, has rejected claims British Airways is acting unfairly toward staff as it seeks to downsize in the wake of the Covid-19 outbreak.
Unite has informed EU commissioner for competition, Margrethe Vestager, that it intends to act as a third party opposing the acquisition of Air Europa by International Airlines Group.
“The industry will adapt to new requirements in the same way that it has adapted to developments in security requirements in the past,” said IAG chief executive Willie Walsh.
British Airways has begun discussions with unions over as many as 12,000 job cuts at the airline. The proposed restructuring and redundancy programme is necessary as demand for travel is unlikely to reach levels seen in 2019 for several years, the airline said.