Two senior Wheels Up executives depart

Two senior Wheels Up executives who guided the company through its near miss with bankruptcy last year are leaving.

Todd Smith, the Chief Financial Officer, and Laura Heltebran, the Chief Legal Officer, leave early next month.

According to the announcement, Smith is departing for “a new role.”

Heltebran is going “to pursue other opportunities.”

Through the storm

Smith arrived as CFO at the flight provider from GE in June 2022 after serving in multiple senior financial roles there.

He came when the company was beating revenue forecasts, but losses were mounting as expenses spiraled and its stock price foundered.

Smith was named Interim CEO in May 2023 after Founder, Chairman and CEO Kenny Dichter stepped down.

Under his tenure, Wheels Up avoided bankruptcy, instead attracting a $500 million investment led by minority owner Delta Air Lines.

Last September, Smith returned to his CFO role after Delta Board Member George Mattson had been named CEO.

Heltebran joined Wheels Up from Hilton Worldwide in December 2020 to oversee legal as Wheels Up prepared for its July 2021 IPO via the SPAC merger.

Dichter recruited her to be part of a large influx of executives with public company experience.

Wheels Up continued its acquisition spree during her tenure, including its 2022 purchase of UK-based Air Partner, PLC.

Heltebran also led Wheels Up’s still pending lawsuit against FlyExclusive after the latter terminated their GRP agreement last year.

In a press release, Mattson said, “Todd and Laura were valued members of the executive leadership team who both made critical contributions during their time here. I wish them both the best in their future endeavors.”

Knopf appointed legal boss

Matthew Knopf will be joining Wheels Up as Chief Legal Officer and Secretary.

Eric Cabezas becomes Acting Interim Chief Financial Officer while a search is conducted for Smith’s replacement.

Cabezas joined Wheels Up in 2019 and previously acted as interim CFO.

He currently serves as SVP of Finance and provides key financial support to the commercial, operational, and functional teams.

The company said Cabezas was “instrumental in securing the company’s 2023 capital investment.”

Knopf has served as Senior Vice President and Deputy General Counsel at Delta Air Lines since 2015.

He led the legal teams for Corporate Transactions, Aircraft Transactions, Finance, SEC, and Corporate Governance, and Corporate Real Estate.

Atlanta moves

Wheels Up moved its headquarters from New York to Atlanta, where Delta is based, earlier this year.

Smith was based in Boston and Heltebran in Washington, D.C.

A spokesperson declined to add additional comments.

The company has seen an influx of executives from Delta since then.

Delta veteran Dave Holtz was recently appointed Chief Operating Officer.

“Over the last nine years, Matthew has played a pivotal leadership role in the completion of Delta’s many significant transactions and key joint venture restructurings while serving as Deputy General Counsel,” Mattson said.

He added, “His impressive breadth of experience built during his over 35-year legal career, along with his deep knowledge of the industry and our company, will undoubtedly ensure a seamless transition as Matthew assumes his new role. We’re thrilled to welcome him to the team.”

Mattson said of the Interim CFO, “I have worked extensively with Eric and have every confidence in his ability to lead our finance team as we continue down the path to becoming a profitable and resilient business.”

In its Q2 2024 earnings announcement, Smith said despite continued losses, the company is on track to reach Adjusted EBITDA profitability by year’s end.

Under Smith’s guidance, Wheels Up restructured its primary service area to focus on high-density markets and eliminate unprofitable flying.

Heltebran will be the final Wheels Up pre-IPO executive team member to depart.

Wheels Up was ranked as the fourth-largest North American charter/fractional operator through June.