Arno Schuster has resigned from his post as the CEO of Adria Airways for personal reasons after almost two years at the company's helm. Holger Kowarsch, who is the Deputy Chairman of Adria's Supervisory Board, will take over as of today. Mr Schuster became CEO following the airline's purchase by 4K Invest and he oversaw the company's restructuring. He also managed to bring the airline back to profitability in 2016 following record losses in the previous years. "We would like to thank Arno Schuster for his excellent work and contribution to Adria Airways. His leadership and strategic vision were essential for the sustainable growth of the company. We understand that he would like to spend more time in Vienna, where he lives with his young family. Holger Kowarsch will be an excellent successor who will focus on further growth and expansion of the network", Markus Zollner from 4K Invest said. Mr Schuster will stay on the management board until the end of April.
Holger Kowarsch has over twenty years of leadership experience including posts at Adler Modemakte, Bakelite, Zeitler Sitzmobel, Lanzet Bad, Deutsche Depeschendienst, Missel, Colordruck Pforzheim, AHS Unternehmensberatung, Evotape, Wolfsheck Betriebs, BEA Elektrotechnik, Camping Outlet, ARQUES Austria Invest, bluO International Affiliates, Zugspitze and ZIP Warenhandels. "Under new management, Adria Airways will continue to expand its network of flights and remain a trusted and reliable partner of Star Alliance and beyond", 4K Invest said in a statement.
Wow, that doesn't sound too promising. My guess is, he was planning on using the Saabs during the summer, hence the new destinations. Now that things aren't looking too promising, he's running away from the responsibility. Then again, I might be wrong.
ReplyDeleteThat will be a too small reason for a CEO departure. I strongly believe it is his personal reasons. Great job so far from him its not easy to stabilize an airline that was in deep troubles to the state it is in today.
Delete@anon 11:18
DeleteAdria is not stabilized, a stabilized company is making profit, which JP doesn't.
Airline is a very small profit margin business. Can you count 10 who are making profits today?
DeleteRyanair makes huge profit for example.
DeleteRyan will make profit only when all shareholders are paid off and aircrafts cashed-out. That's called profit. Everything else is accounting.
Delete2017 financial results may have caused this. We'll understand it more clearly within a month. If the carrier starts cost cutting measures, bingo! If not, then we need to look for another story.
ReplyDeleteBut note that it is never personal reasons, never missing family etc. Such reasons are always the PR part to cover the truth.
... my guess was/is that they will show profit for 2017 too.
DeleteRemember, there is an investigation going on in Switzerland about Darwin's 13 mio francs which have "misteriously dissapeared" and can't be traced
He lived away from his family. That's a good reasion.
DeleteIn fact he was not the the worst CEO; but no experience, too much in details, bad communicator but much better than the rest of 4K.
It's quite obvious where the millions are, but its not clear how the guy before was able to make the 130mio loss on F7.
Kakav genije im je sada na celu dosada je toliko kompanija utrapio drugima. Mogu da pokusaju VLMu da prodaju adriu.
ReplyDeleteGosh, this new guy had so many jobs and not one in aviation. Will that work??
ReplyDeleteIt's worrisome how many different companies he worked for.
DeleteTo je njegov posao. On preprodaje kompanije. Nije njegovo da se razume i u gatje i u avione.
DeleteThe guy came to adria 2 years ago, he is one of the owners in 4k and is in adria board from first day. So he is far from new to adria. What is it all about. Nowbody knows exept 4k
ReplyDeleteHe is the owner of 4K and the only credible to take this position at ad hoc interim.
ReplyDeletebravo slovenia?
ReplyDeletethis adria thing will end in tears
btw the new guy had more jobs than i have socks
Long time no Petar
DeleteAdria will remain a trusted and reliable partner of Star Alliance..
ReplyDeleteAlles klar?
Wunderbar!
Delete