Charter & Fractional
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.
Wheels Up founder Kenny Dichter
Wheels Up founder Kenny Dichter stepped down May 9 as the private aircraft charter provider's CEO, but he will retain a seat on the board of directors. (Photo: Mariano Rosales/AIN)

Some 10 years after founding private flight provider Wheels Up, Kenny Dichter is stepping down as the financially challenged group’s CEO, the company 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 overdue 2022 annual report 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.