(Alliance News) - International Consolidated Airlines Group SA said Friday it has appointed Whitbread PLC Finance Director Nicholas Cadbury as its new chief financial officer.
British Airways-parent IAG said current CFO Steve Gunning will step down from the role after the release of the company's annual results, with Cadbury set to leave Whitbread in the spring of 2022.
Whitbread said it has started a search for Cadbury's replacement. He has been group finance director for the past nine years. Whitbread, the owner of Premier Inns chain, said Cadbury will work with the Chief Executive Alison Brittain and the board to "ensure an orderly transition".
IAG Chief Executive Luis Gallego said: "In the short term, our focus remains on delivering the best end possible to 2021 and ensuring we are set up to return to profitability in 2022, and Steve continues to play a key role in enabling the group to achieve this."
Shares in IAG were 2.0% higher in London on Friday at 180.72 pence each, while Whitbread was up 0.7% at 3,336.00p.
By Paul McGowan; paulmcgowan@alliancenews.com
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International Airlines (IAG)
Whitbread (WTB)