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IAG CFO to Step Down — Shares Trade Higher

Updated: 15 Oct 2021

IAG announced Friday that Steve Gunning, the company's Chief Financial Officer, has decided to stand down after it has published its full-year 2021 results.

“I would like to thank Steve for the key role he has played in leading the Group through the unprecedented challenges we have faced in the last 18 months and wish him well for the future,” said Luis Gallego, IAG´s CEO.

Gunning has been within IAG since 2010, starting his career with the company as CEO of IAG Cargo. He also served as CFO of British Airways and Director of Global Services at IAG GBS before being appointed CFO of International Airlines Group.

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“His efforts and achievements have enabled us to navigate the pandemic better than most in our sector and ensure we are well placed to take advantage of the enormous opportunities as travel continues to recover in the coming months,” added Gallego.

IAG has named Whitbread's Nicholas Cadbury as Gunning's replacement. Cadbury is currently Group Finance Director at Whitbread, having joined the group in 2012, while he is also a non-executive director and Chair of the Audit Committee for Land Securities. 

Commenting on Cadbury's appointment, Gallego said “I'm delighted that Nicholas will be joining IAG. He is a well-respected, accomplished and experienced CFO with a fantastic track record at Whitbread, Premier Farnell and Dixons Carphone.”

IAG shares have climbed over 3% Friday, trading not far below the 183p level. 

As travel begins to slowly open, IAG is hoping to return to profitability in 2022, especially with the imminent reopening of US travel. Gallego said Gunning will continue to play a key role in helping the company achieve its goals until he departs.

Is Now a Good Time to Invest In IAG Shares?

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