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Abu Dhabi-based carrier Etihad Airways has got the former boss of Portugal’s national carrier TAP, Antonoaldo Neves, as its new CEO. Etihad’s earlier boss Tony Douglas had agreed to join RIA — Saudi Arabia’s newest airline. Earlier reports had suggested that global consulting firm Korn Ferry had been looking to find a replacement for Douglas.
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The appointment comes a day after the Supreme Council for Financial and Economic Affairs transferred full ownership of Etihad Aviation Group to ADQ, an Abu Dhabi-based investment and holding company. Earlier this year, Etihad Aviation Group’s ancillary businesses were transitioned into ADQ to create a new integrated aviation support services company.
Why it matters
As former CEO Tony Douglas gears up to join the region's newest carrier, Saudi Arabia’s RIA, Etihad's appointment of Neves is a move that looks to solidify and continue the carrier's turnaround from the last five years. Etihad scaled back its ambitions after it spent billions of dollars to ultimately unsuccessfully compete in building a major airport hub in the United Arab Emirates capital Abu Dhabi. It began a five-year turnaround plan in 2017 after a strategy of buying stakes in other airlines collapsed, contributing to billions of dollars in losses.
