Wheels Up Experience founder Kenny Dichter has stepped away from his role as CEO at the company he established in 2013 and took public in 2021. He will continue to be a member of the board of directors. Current board member Ravi Thakran, the former group chairman, Asia for LVMH and former chairman and founding partner of L Catterton Asia, will serve as executive chairman. Chief financial officer Todd Smith has been named interim CEO, reporting to Thakran. Wheels Up has retained a search firm to identify a permanent CEO.

"I'd like to thank our founder Kenny Dichter for his vision and work to make Wheels Up what it is today," says Thakran. "I look forward to building on this foundation as we embark on the next phase for the company and its stakeholders."

"I'd like to congratulate Ravi on his new role. Having worked closely with him, I know he brings a sharp focus on the customer and a deep appreciation for what it means to deliver a premium experience," says Dichter. "I would like to take this opportunity to thank our more than 12,000 loyal members and customers, and the incredible Wheels Up team, who have made the company what it is today. This is the right time to take on a new role where I will support Ravi and Todd and the business. I am looking forward to supporting Wheels Up as a shareholder, member of the board, founder and a strong advocate for our brand and mission.”

Smith joined Wheels Up in 2022 following a 25 year career at General Electric where he worked in a number of senior divisional CFO roles, ultimately serving as global head of financial planning and analysis and CFO for GE Corporate. He will continue to serve as the Wheels Up CFO.

"The changes we are making position Wheels Up to deliver attractive returns and profitability for shareholders and an amazing experience for members," he says. "I am excited to be working even closer with Ravi and board, as well as the talented Wheels Up team, on our exciting next chapter. I would also like to thank Kenny for his vision, leadership and all of his contributions to Wheels Up."

However things are not looking good for the company. In order to counter mounting losses and a collapsing share price, it is redesigning its programmes so as to take advantage of its significant network density along the east and west coasts.

"These new programmes represent a fundamental shift in how we are bringing our products and services to market to best serve our members and bolster our path to profitability," says subsidiary company Air Partner CCO Mark Briffa. "As Wheels Up has grown, we've seen that a one-size-fits-all pricing and geographic service model doesn't reflect how our customers actually utilise Wheels Up or allow us to truly capture the operational and financial benefits of our scale.

"By focusing our fleet in the areas where we have substantial demand and resource density, we are able to offer superior pricing, better service and improve the efficiency and profitability of our operations, all while keeping the customer firmly at the centre of everything we do."

Wheels Up will create two primary service areas, one east of the Mississippi River with parts of Texas and one focused in the western region of the country. Its King Air fleet will be concentrated in the east region, while light, mid and super-mid types will be offered in both the east and west regions. Members will see lower prices across virtually all cabin classes.

The company will continue to serve destinations outside of these primary service areas by leveraging the charter capabilities of its Air Partner subsidiary and its partner network.

The company hopes the two denser service networks should drive an improved member and customer experience through faster recovery times, better on-time performance and reduced operational complexity. Creating more predictable zones of travel will also help reduce repositioning and maintenance costs and improve overall profitability.

"Wheels Up was founded on a commitment to world-class service and an extraordinary member experience," continues Briffa. "These new programmes are designed to deliver on those commitments to our existing customer base while also being very attractive to new fliers."