Leadership and financial stability to underpin
a new era of operational excellence and customer experience,
setting the standard for private aviation with a seamless
connection to premium commercial travel
NEW
YORK, Sept. 14, 2023 /PRNewswire/ -- Wheels Up
Experience Inc. (NYSE: UP) today announced George N. Mattson as its new Chief Executive
Officer, as the company charts its future as a leader in private
jet travel. Mattson brings 25 years of aviation experience to the
role, as a strategic advisor, financier, business owner/operator
and director.
"In 10 years, Wheels Up has grown from a startup into a global
leader in private aviation, with a strong consumer brand and loyal
member community," Mattson said. "I look forward to leading the
Wheels Up team, with the operational, commercial, strategic and
financial support of Delta and our other new investors. Delivering
best-in-class operating performance and exceptional customer
experiences, consistently and profitably, will attract more members
to our community as we begin the next chapter of the Wheels Up
story."
"George is an exceptional business leader whose background will
be instrumental to the continued success of Wheels Up," said Delta
CEO Ed Bastian. "With new leadership
in place, Wheels Up is well-positioned to drive strategic,
operational and financial improvements for its customers and
stakeholders in the months and years ahead."
Mattson is a longstanding member of Delta's Board of Directors.
He previously served as a partner and co-head of the Global
Industrials Group in Investment Banking at Goldman Sachs & Co.
from 2002 to 2012, during which time his responsibilities included
oversight of the Transportation and Airline practices. Since 2014,
he has been the lead investor and Chairman of Tropic Ocean Airways,
the nation's second-largest operator of seaplanes. Tropic Ocean
Airways is a Wheels Up partner.
"I look forward to working with George as he brings his
expertise and leadership to Wheels Up," said Dan Janki, Wheels Up Chairman and Delta's Chief
Financial Officer. "I would also like to thank interim CEO
Todd Smith for his leadership
through this period of transition at Wheels Up. The changes made
during his tenure are expected to stabilize the business and will
help drive future profitability and an elevated experience for our
members. Todd will continue his work as Wheels Up CFO."
Mattson will be based in Atlanta, home to the recently opened Wheels Up
state-of-the-art Member Operations Center, which centralizes all of
the company's operational functions. Mattson's first official day
is expected to be in early October.
"Our alignment with Delta provides an incredible opportunity for
the first time in aviation history to create seamless experiences
between the separate ecosystems of private and commercial travel,"
Mattson said. "I'm thrilled to be working with our world class team
and our great partners to realize this tremendous potential in the
years to come."
"I am very enthusiastic about the future of Wheels Up. George is
an exceptional choice to lead the company through this important
time. He will serve customers, employees, and stakeholders
consistent with the elevated experiences that have always defined
Wheels Up," said Kenny Dichter,
Founder. "The entire Wheels Up community has my unwavering support
on the journey ahead."
Wheels Up previously announced a non-binding agreement in
principle for an up to $500 million facility, which is
expected to include funds contributed by Delta Air Lines, CK
Opportunities Fund I, LP, which is co-managed by affiliates of
Certares Management LLC and Knighthead Capital
Management LLC, and certain other lenders. The transaction is
subject to completing definitive documentation, as well as
customary closing conditions and other approvals.
Wheels Up, which offers membership-based and on-demand private
jet services, is a meaningful part of Delta's broad portfolio of
premium partners. The relationship dates to 2020, when Delta
Private Jets combined with Wheels Up. Delta provides Wheels Up
members with an array of benefits, including access to Delta
flights, the opportunity to earn Delta SkyMiles and the ability to
earn toward Medallion Status through spend on Wheels Up
flights.
About Wheels Up
Wheels Up is a leading provider of on-demand private aviation in
the U.S. and one of the largest private aviation companies in the
world. Wheels Up offers a complete global aviation solution with a
large, modern, and diverse fleet, backed by an uncompromising
commitment to safety and service. Customers can access membership
programs, charter, aircraft management services and whole aircraft
sales, as well as unique commercial travel benefits through a
strategic partnership with Delta Air Lines. Wheels Up also offers
freight, safety and security solutions and managed services to
individuals, industry, government, and civil organizations.
Wheels Up is guided by the mission to connect private flyers to
aircraft, and one another, through an open platform that seamlessly
enables life's most important experiences. Powered by a global
private aviation marketplace connecting its base of approximately
12,000 members and customers to a network of approximately 1,500
safety-vetted and verified private aircraft, Wheels Up is widening
the aperture of private travel for millions of consumers globally.
With the Wheels Up mobile app and website, members and customers
have the digital convenience to search, book and fly.
To learn more about Wheels Up, go
to Wheelsup.com.
Wheels Up Experience Inc. Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain "forward-looking statements"
within the meaning of the federal securities laws. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, are subject to known and unknown
risks, uncertainties, assumptions, and other important factors,
many of which are outside of the control of Wheels Up Experience
Inc. ("Wheels Up"). These forward-looking statements include, but
are not limited to, statements regarding: (i) the impact
of new strategic initiatives on Wheels Up's business and results of
operations, including the expected impacts from personnel changes
and the ability of Wheels Up to execute and realize the anticipated
benefits from, and the degree of market acceptance and adoption of,
any new services or partnership experiences, including member
program changes implemented in June 2023 and any future member
program changes; (ii) Wheels Up's ability to continue as a
going concern absent receipt of the funding from the proposed
transactions previously announced and described in this press
release; (iii) the terms of, the ability to sign and close,
and the impact of, any potential investments, financings (including
the financing discussed in this press release), restructurings or
other strategic transactions involving Wheels Up or its
subsidiaries or affiliates, including the ability to realize
anticipated benefits relating to any such transactions and any
potential impacts on the trading prices and trading market for
Wheels Up's Class A common stock, par value $0.0001 per share; (iv) the impact of Wheels
Up's cost reduction efforts and measures intended to increase
Wheels Up's operational efficiency on its business, results of
operations, cash flows and liquidity, including the timing and
magnitude of such expected reductions and any associated expenses
in relation to liquidity levels and working capital needs;
(v) Wheels Up's ability to perform under its contractual
obligations, including to its members and customers, and maintain
or establish relationships with third-party vendors and suppliers;
(vi) the competition in, size, demands and growth potential of
the markets for Wheels Up's products and services and Wheels Up's
ability to serve those markets; and (vii) general economic and
geopolitical conditions, including due to fluctuations in interest
rates, inflation, foreign currencies, consumer and business
spending decisions, and general levels of economic activity. The
words "anticipate," "believe," continue," "could," "estimate,"
"expect," "intend," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "strive," "would" and
similar expressions may identify forward-looking statements, but
the absence of these words does not mean that statement is not
forward-looking. Factors that could cause actual results to differ
materially from those expressed or implied in forward-looking
statements can be found in Wheels Up's Annual Report on Form 10-K
for the year ended December 31, 2022 filed with the U.S.
Securities and Exchange Commission (the "SEC") on
March 31, 2023, Wheels Up's Quarterly Report on Form 10-Q
for the three months ended June 30, 2023 filed with the SEC on
August 14, 2023, and Wheels Up's other filings with the
SEC from time to time. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. Except as required by law, Wheels Up does not
intend to update any of these forward-looking statements after the
date of this press release or to conform these statements to actual
results or revised expectations.
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SOURCE Wheels Up