Addendum
Sovereign wealth fund acquires Etihad Aviation Group; former TAP CEO moves to Gulf carrier
October 1st 2022
After a very expensive and failed attempt at establishing Abu Dhabi as a major Middle East airline hub, followed by a resuscitation of the Etihad Aviation Group in the last four years, the carrier is embarking on the next stage of its development. Read More »
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In early October, the aviation company announced its full ownership had been transferred to sovereign wealth fund, ADQ. It also named former TAP boss, Antonoaldo Neves, as successor to Tony Douglas at Etihad. As Etihad Aviation Group CEO, Douglas has been leading the recovery of the group since January 2018.
Douglas has decided to pursue “an opportunity elsewhere”, he said, but will serve as an advisor to the board of ADQ Aviation and Aerospace Services Company during his transition period.
Etihad Aviation Group chairman, His Excellency Mohammed Ali Al Shorafa, said: “Tony has led Etihad through some of its most challenging times and has successfully turned the airline into a profitable and sustainable business as part of its initial transformation program.
“As we enter our next stage of sustainable growth, we are confident Antonoaldo will build on Tony’s legacy.”
Etihad entered 2022 with a record breaking interim operating profit of US$296 million,” a result of a restructuring accelerated by the pandemic and increased air passenger demand”, the airline group said.
Neves ran TAP Portugal and also was a board member at the carrier. A former McKinsey and Company consultant, when president of Brazil’s Azul Airlines he successfully led the airline’s IPO in the NYSE.
megan moroney says:
January 27th 2024 05:42pm