Charles Alcock is managing editor of the AIN Media Group, having rejoined the company in 2019. He has been an aviation journalist since 1986, and previously worked for AIN from 1990 to 2017, most recently as editor-in-chief. His main focus is on covering new aviation technology and business models, as well as international news.
Having been raised in the London area, Alcock studied at the University of Manchester in the UK and earned an honors degree in Politics and Modern History. He speaks English and French, and some German.

Managing Editor

Charles Alcock

Some 10 years after founding private flight provider Wheels Up, Kenny Dichter is stepping down as the financially challenged group’s CEO, the company&nbsp;announced early today. While Dichter will retain a seat on the board of directors, CFO Todd Smith is taking over as interim CEO and current board member Ravi Thakran is now executive chairman.
Last month, Wheels Up posted an <a href="https://www.ainonline.com/aviation-news/business-aviation/2023-04-03/wheels-2022-losses-revised-555-million">overdue 2022 annual report</a> through a 10-K filing with the Securities and Exchange Commission that showed a $555 million loss on revenues of $1.58 billion. The New York Stock Exchange-listed company is due to hold its next board meeting on May 31, with its shares trading at 49 cents at market close on Monday, having declined in value by around 94 percent since it went public via a merger with a special purpose acquisition company in July 2021.
Also on Tuesday, the company reported financial results for the first quarter of 2023. These saw revenues increase by $26 million year-over-year to reach $352 million, while its net loss increased by $12 million to $101 million and its adjusted EBITDA result stood at a loss of $49 million. During the first three months of this year, the number of active Wheels Up members declined by 1 percent to 12,285 and the flight legs decreased by 13 percent to 15,389.
<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen frameborder="0" height="315" src="https://www.youtube.com/embed/sBhpqZFYICQ" title="YouTube video player" width="560"></iframe>
“The changes we are making position Wheels Up to deliver&nbsp;attractive returns and profitability for shareholders and an amazing experience for members,” commented Smith, who joined Wheels Up in 2022 from General Electric, where he held several senior divisional CFO roles.
Thakran is a former group chairman for Asia with&nbsp;luxury goods brand LVMH and former chairman and founding partner of venture capital group L Catterton Asia. “I’d like to thank our founder, Kenny Dichter, for his vision and work to make Wheels Up what it is today—the leading on-demand charter operator in the U.S. with more than $1.5 billion in revenue, more than 12,000 loyal members and customers, and an iconic brand,” he said. “I look forward to building on this foundation as we embark on the next phase for the company and its stakeholders.”
In its April statement, Wheels Up announced plans for a reverse stock split to avoid delisting from the New York Stock Exchange. Under that plan, which is subject to approval by this month’s annual meeting of shareholders, investors would receive one share for every five to 10 shares currently held.
According to the recent 10-K filing, the company had&nbsp;more than $500 million in cash at the end of 2022. Wheels Up further said it is continuing to take remedial actions to alleviate service disruptions caused by supply-chain issues, the rapid onboarding of a string of recent strategic acquisitions, and the expansion of its membership base by more than 25 percent during the pandemic.
Before founding Wheels Up, Dichter helped to launch the Marquis Jet fractional jet card program in 2001. “As we continue our path to profitability, this is the right time to take on a new role where I will support Ravi and Todd and the business,” he said. “I am looking forward to supporting Wheels Up as a shareholder, member of the board, founder, and strong advocate for our brand and mission.”
This story was updated on Tuesday with information about Wheels Up's financial results for the first quarter of 2023.

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

Wheels Up Founder Kenny Dichter Steps Down as CEO

Dichter will retain a seat on the board, with CFO Todd Smith taking over as CEO and current board member Ravi Thakran appointed as executive chairman.

2024 Corporate Aviation Leadership Summit

Sarah Rose

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

Tool supports real-time flight coordination

Levo Introduces AI Platform for Charter Matching

Kaleyesus Bekele

News about commercial airlines, including regulations, aircraft orders, safety, acquisitions, and mergers.

News and issues relating to international air transport and cargo carriers, national airlines and regional airlines, including aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

East African carrier has taken delivery of a Boeing Business Jet

Ethiopian Airlines Launches VIP Charter Flight Division

Curt Epstein

New Jersey-based company will migrate to Florida

Aircraft Services Group Building New Headquarters

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

News and issues concerning general aviation, specifically airplanes and helicopters powered by piston and alternative engines (i.e., non-turbine powered aircraft). Subjects include aircraft, engines, personnel, acquisitions, accidents, safety, security and training.

More In Charter & Fractional

Levo Introduces AI Platform for Charter Matching

Tool supports real-time flight coordination

Ethiopian Airlines Launches VIP Charter Flight Division

East African carrier has taken delivery of a Boeing Business Jet

Aircraft Services Group Building New Headquarters

New Jersey-based company will migrate to Florida

Aerocor Expands Helicopter Division Operations

Company exceeds early goals within nine months

Jet Card Flexibility Improves as Hourly Rates Tick Up

Pricing has climbed, but flexibility is also improving

Air Culinaire Introduces Portal for In-flight Catering

Platform was designed to simplify in-flight catering management

FlyJets Exchange Enables Peer-to-peer Flight Sales

Customers can resell empty seats to reduce costs

Air Charter Service Opens Montreal Office

Opening is second in Canada for company

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN