After going public via a direct listing in August, Surf Air has hired Oliver Reeves as its new CFO.
Publicly traded Surf Air Mobility Inc. said today that Oliver Reeves will join as chief financial officer.
He will start his new role in January 2024.
Reeves recently worked at Xinuos, Inc., serving as the chief strategy officer since 2019.
Early in his career, he served as an investment analyst at Coliseum Capital Management and vice president at Gerson Global Advisors before being named senior vice president at Phoenix Star Capital.
Reeves received his MBA from Columbia Business School, where he participated in the value investing programs, and graduated Summa Cum Laude from Babson College.
“We are very pleased to have Oliver join us on our journey to electrify regional air mobility,” said Stan Little, Surf Air CEO.
Little added, Oliver will play a pivotal role in steering our financial strategy and supporting our growth initiatives. His broad strategic expertise and financial acumen fit very well within our executive team as we look to the future and continue to pioneer innovations in green flying.”
“I am very excited to join this pioneering company that has already become a key player in regional air mobility,” said Reeves.
According to a filing with the SEC, Reeves will receive an initial annual base salary of $650,000.
He is eligible for an annual discretionary bonus as determined by the compensation committee.
The target incentive is equal to 200% of his base salary.
He will also receive options to buy up to 1.8 million shares of Surf Air’s common stock.
He continued, “It is an honor to be involved in the electrification of air travel and to move toward a more prosperous future for our investors and our customers.”
The new finance boss succeeds Deanna White, who has served as chief administrative officer and CFO.
White joined Surf Air Mobility in 2021 to help take the company through its public listing,
She becomes a senior advisor to Surf Air Mobility and the Surf Air Board of Directors.
“Surf Air Mobility is a phenomenal company committed to serving its customers,” said Ms. White.
The company has also promoted Bryce Van to the chief accounting officer role from his current controller position.
Reeves has a formidable task in front of him as the company seeks to transition to electric-hybrid aircraft.
Year-to-date revenues through Q3 increased to $33.7 million from $14.4 million after a merger with Southern Airways.
Loss increased from $35.4 million to $88.2 million.
Loss before income tax for the first nine months increased to $143.3 million from $50.5 million.