According to the airline's new president
Vueling's new president, Barbara Cassani, does not foresee Inversiones Hemisferio, the airline's largest shareholder, leaving Vueling's capital, although she has said that if this were to happen, "it would not pose any problem" for the company since there are many companies interested in joining.
In an interview with Efe, Cassani said he does not expect Hemisferio to leave Vueling, although he has not completely ruled it out, noting that, "obviously, they can do so like any other shareholder," and, in case they did leave, he does not believe they would have "any problem because there are many organizations interested in the airline."
Cassani has been appointed the new president of Vueling, after the company's president, Josep Miquel Abad, representative of the Lara family (Planeta), owner of Inversiones Hemisferio, submitted his resignation yesterday due to differences in management.
Along with him, board members Ferran Conti and Josep Creuheras, representatives of Inversiones Hemisferio, the airline's largest shareholder with 15% of the capital, also resigned.
Cassani explained that after the executives who have left the company in recent months and the departure yesterday of its president, the crisis is considered over, as no further resignations are expected, and that the management team is now "cohesive".
For Cassani, the executive changes are part of the company's "maturation," "it is a natural progression that the company has undergone since its beginnings," said the new president, who added that, sometimes, growth can be "painful" and that "there are people who fall by the wayside."
The new president of Vueling said that the previous president had been a "fundamental" person in the functioning of the airline and thanked Abad for his "help and collaboration".
Cassani's main challenge is to make Vueling profitable, although he has not given a deadline for this, "we have to be profitable to continue growing."
In this regard, it plans to reduce costs and improve revenues and place more emphasis on business passengers.
Furthermore, the president of Vueling aims to maintain the "good things" of Vueling, such as the brand, the service it provides, passenger traffic, and the company's employees.
Regarding the drop in shares, Cassani said that today it is falling at a level very similar to what the Stock Exchange is falling today, "we don't see anything extraordinary, it's like a normal day" and pointed out that he believes that the share price, which has fallen considerably since its IPO, "is hitting bottom and, from now on, we hope to be able to start recovering."
Cassani insisted that the slowdown in the growth plan the company announced a couple of weeks ago is merely a "deceleration" and in no way a halt to growth. "We've grown very rapidly, and now we want to focus on making that growth profitable," he emphasized.
"The important thing," he pointed out, "is that we continue to grow," since this year the company will receive three new aircraft and next year more will be added. In addition, the company is preparing to open its fourth base in Seville.
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