Latest news with #MartinGauss
Bloomberg
09-04-2025
- Business
- Bloomberg
Latvia Seeks Air Baltic Investment From Neighbors After CEO Exit
By Latvia has reached out to neighboring countries about investing in Air Baltic Corp AS, its premier said, after the state-owned airline dismissed its chief executive officer ahead of plans for an initial public offering. The airline said in September that a share sale long in the works could raise as much as €300 million ($332 million). It's a project that CEO Martin Gauss had been working on, but the company said this week he was leaving following a vote of no confidence from the Latvian state.
Yahoo
07-04-2025
- Business
- Yahoo
airBaltic CEO 'dismissed' from Latvian airline
Latvian Transport Minister Atis Svinka said on Monday that Riga-based carrier airBaltic had parted ways with its German-born longtime CEO Martin Gauss. "I inform you that Martin Gauss has been dismissed from his position. It is important for me to see results," Svinka said on social network X. The Latvian state has a majority stake in the carrier, which last month said it had posted a net loss of 118 million euros ($129 million) last year. "AirBaltic is a company of national importance, and it must be able to independently develop and adapt to external conditions," Svinka added. AirBaltic announced in January that additional engine maintenance demands would force the cancellation of more than 4,600 flights this year. The airline flies exclusively Airbus A220-300, which are equipped with modern fuel efficient Pratt & Whitney engines that have been found to be susceptible to microscopic cracks and require replacement ahead of schedule. Parts shortages mean several aircraft have to be taken out of service during the peak summer travel season. The transport ministry said in a statement that the decision regarding Gauss was taken by the supervisory board after Monday's shareholder meeting. The ministry said it "expressed its loss of confidence in" Gauss at the meeting, "calling for a vote to oust him from the job". Gauss had been with the airline for more than a decade. "Today, my journey as CEO of @airBaltic comes to an end," he wrote on X. "The Latvian government, as majority shareholder, has withdrawn its trust — and the Supervisory Board has acted accordingly," he said. The airline said in a statement on X that management board member and chief operating officer Pauls Calitis would take over as interim CEO. The chairman of the supervisory board, Andrejs Martinovs, said "core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO". bur-amj/rl Sign in to access your portfolio
Bloomberg
07-04-2025
- Business
- Bloomberg
Air Baltic Fires CEO After Latvian State Withdraws Support
Air Baltic dismissed longtime Chief Executive Officer Martin Gauss following a vote of no confidence from the Latvian state, the airline's main shareholder. The Latvian airline made the decision after reviewing 2024 financial results and plans for an initial public offering, the Latvian Transport Ministry said Monday in a statement. Chief Operations Officer Pauls Calitis will serve as interim CEO, the ministry said in the statement.
Reuters
07-04-2025
- Business
- Reuters
AirBaltic CEO Martin Gauss steps down
LONDON, April 7 (Reuters) - The Chief Executive Officer for Latvian carrier airBaltic Martin Gauss has stepped down from his role, the company said on Monday, as the airline has repeatedly pushed back a planned initial public offering. Gauss, who is German, has held the position of CEO since 2011. The airline recently sold a 10% stake to German airline group Lufthansa ( opens new tab as it said it struggled with engine delivery delays and sought to push back its planned IPO to 2026. "Our core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO," said Andrejs Martinovs, the chairman of the primarily state-owned airline's supervisory board. Pauls Calitis, the current chief operations officer, will take over as interim CEO, the company said in a statement.
Bloomberg
27-03-2025
- Business
- Bloomberg
Air Baltic Says Ukraine Ceasefire Would Help IPO Prospects
Air Baltic Corp AS said a reopened Ukraine air space would give the airline access to a market where it was a major force before the Russian invasion three years ago, in turn supporting the company's push for a potential initial public offering, according to Chief Executive Officer Martin Gauss. 'If this happens, yes, that's a huge upside,' Gauss said on Wednesday in an interview in Brussels. 'In none of our forecasts we have included a single euro coming from there.'
