Shares of Wheels Up Experience saw a significant increase as the private jet membership company announced George Mattson as its new CEO. Mattson, a longtime director of Delta Air Lines, is set to take over the role in early October.
The stock price rose by almost 13% to $3.00 during midday trading. While the stock remains down by around 71% for the year, this leadership change could potentially signal a turning point for the company.
Wheels Up recently secured a $500 million rescue financing package from Delta Air Lines and other investors, providing a much-needed boost. Mattson will be based in Atlanta, Georgia, where Delta is headquartered, leading the New York-based Wheels Up.
Todd Smith, who has been serving as the interim CEO since May, will continue in his role as the chief financial officer of Wheels Up.
Mattson brings a wealth of experience to the table, having been a board member at Delta since 2012 and currently serving as president at Star Mountain Capital. Additionally, he holds the position of chairman at Tropic Ocean Airways, the second-largest seaplane operator in the U.S. Prior to these roles, Mattson enjoyed a successful career as a banker at Goldman Sachs.
The appointment of George Mattson as CEO marks an exciting new chapter for Wheels Up and highlights the company’s commitment to growth and transformation.