The supervisory board of airBaltic dismissed CEO Martin Gauss, saying it was due to the airline’s poor financial performance.
Pauls Cālītis has been appointed as interim CEO, while the board expresses full confidence in the management team and ongoing operational strategy.
airBaltic reported a net loss of EUR118.2 million for 2024, despite an increase in revenue from EUR668 million to EUR747.6 million year on year.
The airline has delayed its IPO plans several times and is considering a listing on the London Stock Exchange, potentially pursuing a dual listing with Riga.
The Latvian state holds a 97.97% stake in airBaltic and is committed to moving forward with plans for the company’s eventual listing.
Andrejs Martinovs shared: “We maintain full confidence in the management board and the professional team, which ensures the company’s day-to-day operations, passenger services, and overall management. Our core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO.”
