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British Airways: Here’s Why IAG Share Price Fell This Morning

Practice Stock Trading
Updated: 12 October 2020

Shares of International Consolidated Airlines Group (LON: IAG), the owner of British Airways, dropped 0.6% to erase earlier gains on news that British Airways Chairman and CEO Alex Cruz will step down.

The group decided to install Aer Lingus Chairman and CEO Sean Doyle as the new boss. Cruz will remain as the non-executive chairman of British Airways, the group said.

“We’re navigating the worst crisis faced in our industry and I’m confident these internal promotions will ensure IAG is well placed to emerge in a strong position,” IAG Chief Executive Luis Gallego said in a statement.

Changes at the top came after British Airways, and the aviation industry overall, suffered the worst crisis in history.

“Sean Doyle has extensive experience at British Airways having worked there for 20 years before moving to head Aer Lingus nearly two years ago where he has done an excellent job. I am confident that will continue at British Airways,” IAG’s Gallego said.

Donal Moriarty, the current chief corporate affairs officer at Aer Lingus will take over as a temporary replacement for Doyle. 

IAG stock price fell on news that the current CEO will step down October 2020

IAG share price trades 0.6% lower at 102.50p at the moment of writing.

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