(Alliance News) - British Airways owner International Consolidated Airlines Group SA on Thursday announced Chief Executive Willie Walsh will be departing in March.
Walsh will leave the role on March 26, before fully retiring from the board at the end of June. Luis Gallego, who is currently head of IAG's Iberia airline, will succeed him as the head of IAG.
Gallego's replacement will be announced in due course, the company said.
Walsh initially joined Aer Lingus, another of IAG's airlines, as a cadet pilot in 1979. Since then, his roles have included leading Aer Lingus between 2001 and 2005, and heading British Airways between 2005 and 2011.
He became CEO of IAG at the start of 2011. As well as British Airways, Aer Lingus, and Iberia, IAG owns Vueling, Level, and cargo operations.
IAG currently owns nearly 600 aircraft, flying to 268 destinations worldwide, carrying around 113 million passengers every year. It was created by the merger between British Airways and Spain's Iberia in 2011.
IAG Chair Antonio Vazquez commented: "Willie has led the merger and successful integration of British Airways and Iberia to form IAG. Under Willie's leadership IAG has become one of the leading global airline groups.
"Willie has established a strong management team and I am delighted Luis will be promoted from this team to succeed Willie as CEO. Luis started his career in the airline industry in 1997 with Air Nostrum and, since 2014, he has been CEO of Iberia where he has led a profound transformation of this airline."
"The board is confident Luis is the right person to lead IAG in the next stage of its development and we look forward to working closely with Luis in his new role," Vazquez continued.
FTSE 100 IAG was trading 1.1% higher in London early on Thursday at a price of 624.95 pence per share.
By George Collard; georgecollard@alliancenews.com
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International Airlines (IAG)