TECHNOLOGY

Report: Etihad Airways Group CFO departs amid turnaround plan

An Etihad Airways plane prepares to land at the Abu Dhabi airport on May 4, 2014. (AP)

Etihad Airways Group Financial Officer Mark Powers has left the airline as it implements a five-year strategy to reverse losses, according to two sources familiar with the matter.

It was not immediately clear when or why Powers left the Abu Dhabi state-owned airline.

Etihad executive Adam Boukadida has been appointed interim group CFO, according to his LinkedIn profile and the sources.

Boukadida has held the position for at least two months, according to the LinkedIn profile.

Powers, a former executive at US airline JetBlue, joined Etihad in January 2008 following a major overhaul of the airline’s management that included the departure of long-serving Group CEO James Hogan.

Powers headed the finances of Etihad Aviation Group (EAG), which oversees Etihad Airways, engineering, airport, travel services units, and its investments in other carriers.

Last month Etihad reported a $1.28 billion loss for 2018, blaming challenging market conditions including higher fuel prices, down from a $1.52 billion loss in 2017. It has lost a total of $4.75 billion since 2016.

The airline launched a five-year turnaround strategy in 2017, the year current chief executive, Tony Douglas, was hired.

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Last Update: Tuesday, 16 April 2019 KSA 12:29 - GMT 09:29
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