Charter & Fractional
Wheels Up Names New Board sans Founder Kenny Dichter
Dichter out, Bellemare in
Wheels Up King Air 3501
(Photo: Wheels Up)

Wheels Up has reconstituted its board of directors concurrent with receiving up to $350 million in term loan financial support and a $100 million revolving loan from an investor consortium led by Delta Air Lines. Before that deal closed on September 20, Delta already had provided Wheels Up with $70 million since August 8 under an amended promissory note.

Departing board members include company founder and former CEO Kenny Dichter, Mike Mullen, Brian Radecki, Susan Schuman, Ravi Thakran, Chih Cheung, and Marc Farrell. In a Form 8-K filed Friday with the U.S. Securities and Exchange Commission, Wheels Up stressed that the resignations were "not related to any disagreement with the company or the board regarding any matter related to the company's operations, policies, or practices."

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