Germany’s flag carrier Lufthansa is reportedly looking for a new Chief Financial Officer in the midst of a crisis created by the global coronavirus pandemic.
Lufthansa recently announced that its Chief Financial Officer Ulrik Svensson has resigned citing health reasons. The 58-year old executive had been a member of the company board since January 1, 2017.
In an official statement, the company said, “Svensson, 58, will step down from his board position on April 6. The management “will discuss and decide on a succession solution as soon as possible.”
Ulrik, a Swedish citizen, was appointed to the Executive Board of Deutsche Lufthansa AG on 1 January 2017 as Chief Financial Officer. Prior to joining the airline company, Ulrik Svensson was Chief Executive Officer of Melker Schörling AB. In his previous role, he was responsible for the six listed companies within the investment company, namely Hexagon, AAK, ASSA ABLOY, Securitas, Hexpol and Loomis.
There were earlier reports as well in the past year about Ulrik wanting to quit his job. According to media reports, Ulrik had told colleagues he didn’t want to extend his contract which was to expire this year. Ulrik, citing personal reasons for his decision, said he would like to return home to Sweden.
Since the coronavirus outbreak, the company has grounded almost its entire fleet, put tens of thousands of employees on short-time working and is seeking billions in government aid.
Ulrik’s departure adds to the woes engulfing Germany’s largest airline which is already reeling from the impact of the coronavirus and restrictions on air travel across the globe.
Like other carriers, Lufthansa is fighting to maintain liquidity in the face of a sudden collapse in revenue. Chief Executive Officer Carsten Spohr is facing mounting pressure to hand over an equity stake to the German government as it battles for survival.
