West Atlantic to change CEO
The board of West Atlantic and its CEO have decided to change the company's leader. CEO Fredrik Groth will step down immediately and be replaced by Lars Jordahn.
During Groth's leadership over the past three years, the company grew significantly, increasing revenue by almost 50% while expanding into new fleets, including the B737-800 next generation freighter.
The growth led to spiralling costs, adding to an already high indebtedness. The company is now entering a new phase where the focus will be on reduction of leverage and improved profitability.
As part of this change, it was decided to bring in a new CEO to lead this process. Lars Jordahn has had a long career in aviation as he worked for airlines like Amapola, DHL Aviation and TNT Airways. (mw)