IAG's Iberia names Fernando Candela as temporary head By Reuters

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IAG's Iberia names Fernando Candela as temporary head

Published May 04, 2023 01:33PM ET Updated May 04, 2023 02:47PM ET

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IAG's Iberia names Fernando Candela as temporary head

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MADRID (Reuters) - International Airlines Group (LON:ICAG)'s Spanish airline Iberia named Fernando Candela as its new acting president and chief executive officer, replacing Javier Sanchez-Prieto.

Candela will take over from Sanchez-Prieto in July and lead the company until the end of the year, IAG said in a statement on Thursday.

Candela, who has been CEO since 2019 of IAG-owned, low-cost airline brand LEVEL and was previously CEO of the budget Iberia Express brand, will be tasked with leading negotiations to complete the purchase of Air Europa and addressing the repayment of debt accumulated during the pandemic, IAG said.

IAG, which also owns British Airways, in February agreed to buy the remaining 80% of Air Europa it did not already own for 400 million euros. The deal still needs regulatory approval from Brussels.

A first attempt to buy the airline in 2021 failed after it was rejected by regulators on concerns about a lack of competition on Latin American routes.

Candela's "extensive experience in the world of aviation and transformation will add a lot of value to the company," IAG CEO Luis Gallego said. "His trustworthiness makes him the best person to lead Iberia in the coming months."

IAG said Sanchez-Prieto is leaving of his own volition to begin new projects outside of the airline sector.

IAG is set to announce quarterly earnings results on Friday.

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