Wheels Up today appointed George Mattson as CEO. He is a board member of Delta Air Lines, the current lead investor and chairman of seaplane operator Tropic Oceans Airways, and a former partner at the investment banking firm of Goldman Sachs, where he was responsible for oversight of transportation and airline practices.
Mattson is expected to join the company in October and will be based in Atlanta, the location of Wheels Up’s new operations center. Acting CEO and CFO Todd Smith will remain with the company. Smith was appointed acting CEO in May after founder and CEO Kenny Dichter stepped down. Dichter remains on the company’s board.
Mattson’s appointment drew praise from Dichter. "I am very enthusiastic about the future of Wheels Up," he said. "George is an exceptional choice to lead the company through this important time. He will serve customers, employees, and stakeholders consistent with the elevated experiences that have always defined Wheels Up. The entire Wheels Up community has my unwavering support on the journey ahead."
Delta CEO Ed Bastian also offered positive comments."With new leadership in place, Wheels Up is well-positioned to drive strategic, operational, and financial improvements for its customers and stakeholders in the months and years ahead,” said Bastian, whose company has infused Wheels Up with $60 million over the last month and is part of a consortium that will control 95 percent of the company for a combined investment of $500 million once that deal is completed. Delta is currently the largest shareholder of Wheels Up with a 20 percent stake that it received in 2020 when it combined Delta Private Jets with the company.
"I look forward to leading the Wheels Up team, with the operational, commercial, strategic, and financial support of Delta and our other new investors,” said Mattson. "Our alignment with Delta provides an incredible opportunity for the first time in aviation history to create seamless experiences between the separate ecosystems of private and commercial travel. Delivering best-in-class operating performance and exceptional customer experiences, consistently and profitably, will attract more members to our community as we begin the next chapter of the Wheels Up story."
For the first six months of 2023, membership and charter company Wheels Up logged more Part 135 hours than any other operator—70,258—according to Argus International. During that time, the company also lost $261.5 million and more than 1,000 members. In 2022 it posted a loss of $555 million on $1.58 billion in revenue.