The state-controlled supervisory board of airBaltic (BT, Riga) has dismissed the longstanding chief executive of the airline, Martin Gauss, citing the company's poor financial performance. The decision was taken at a regular shareholders’ meeting on April 7, 2025.
"We maintain full confidence in the management board and the professional team, which ensures the company’s day-to-day operations, passenger services, and overall management. Our core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO," board chairman Andrejs Martinovs said.
The carrier announced that Pauls Cālītis, the current chief operations officer, will become interim CEO until a new director is appointed.
Gauss, who had headed the airline since 2011, confirmed to Reuters that he lost the government's trust but criticised shareholders for the "nasty" handling of his departure.
Latvian Minister of Transport Atis Švinka said on the local TV program Rīta Panorāma that airBaltic's bad financial indicators had influenced the decision to oust the CEO.
The leadership change takes place less than a month after airBaltic unveiled its 2024 results. The airline posted a net loss of EUR118.2 million euros (USD130 million), down from the EUR33.7 million (USD37 million) profit recorded in 2023. This is despite revenue rising from EUR668 million (USD738 million) to EUR747.6 million (USD826 million) year on year.
airBaltic has postponed its long-awaited IPO launch several times. It is reportedly considering a listing on the London Stock Exchange and may also pursue a dual listing, with Riga the likely candidate. Lufthansa Group also agreed to invest EUR14 million (USD15.5 million) for a convertible share granting a 10% stake.
According to the ch-aviation fleets module, airBaltic currently operates fifty A220-300s and has 40 more of the jets on order. The company is currently wet-leasing seven aircraft to Swiss, three to Lufthansa, three to Brussels Airlines, three to Austrian Airlines, and two to Air Dolomiti.
The Latvian state currently owns a 97.97% stake in airBaltic. It maintains the ambition to list the company.
