Wheels Up president Vinayak Hegde has departed the private aviation company amid a “realignment” of its management structure, the company announced Wednesday along with its third-quarter earnings.
Hegde joined the company last year as chief marketplace officer and was subsequently promoted to president. He will serve as an advisor to Wheels Up for the next 12 months, according to a company filing with the U.S. Securities and Exchange Commission.
It wasn’t immediately clear if Hegde would be replaced. Wheels Up CEO Kenny Dichter during a Wednesday call said the company planned “a realignment of our management structure to improve our speed of execution as it relates to our operations and technology initiatives.”
CFO Todd Smith during the call said there were “a number of” areas “where we need to improve our execution,” noting that “it is clear that we need to reduce our cost base and improve our focus and accountability in order to accelerate progress toward our profitability goals.”
Q3 Performance
Wheels Up’s third-quarter revenue increased 39 percent year over year to about $420.4 million. Live flight legs increased 7 percent to more than 21,000, while flight revenue per live leg increased 20 percent to about $13,260.
“As our results make clear, even in an uncertain macroeconomic environment, overall demand remains healthy with continued strong customer retention,” Dichter said. “There are clear macro-concerns that are prevalent in many sectors of the market today. We do expect demand from our high-net-worth customer base and our business clientele to be more durable than that of the broader economy.”
Wheels Up’s third-quarter net loss was $86.8 million, compared with a net loss of $59.5 million in the third quarter of 2021.
Wheels Up Q2 results
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