October 17, 2024
Meaghan Wells becomes EVP of Enterprise Planning and Strategy at Wheels Up after eight years at rival Vista Global.
Delta Air Lines-backed Wheels Up Experience Inc. has hired a former senior executive of Vista Global as EVP of Enterprise Planning and Strategy.
According to a press release, Meaghan Wells will lead the development of North America’s fourth-largest charter/fractional operator’s “long-term growth strategy and further cement Wheels Up’s position as a leader in global aviation solutions. ”
The announcement noted, “Wells has a dynamic background and experience, specializing in driving growth and securing capital for rapidly scaling organizations. Her experience in strategic planning, corporate development, capital raising, investor relations, and commercial partnerships has assisted in transforming businesses into leaders within their industries.”
According to her LinkedIn profile, she served as vice president of finance for VistaJet from 2016 through early 2019, when she became chief investment officer at Vista Global, the holding company Vista Founder Thomas Flohr formed in September 2018 as an acquisition vehicle.
She then was chief financial officer for TF Holding, Ltd., a private company of Flohr’s.
Before joining Vista, she held positions at Fifth Street Asset Management, BNP Paribas, and Bank of America.
In announcing her appointment, Wheels Up noted that during her time at Vista, “she led the financing strategy, corporate finance, FP&A, and investor relations functions during a phase of rapid, profitable growth that also included multiple acquisitions.”
Between 2018 and 2022, Vista bought operators XOJet, Red Wing Aviation, Talon Air, Jet Edge, and Air Hamburg, and brokers JetSmarter, Apollo Jets, and Camber.
It mirrored a period when Wheels Up snapped up operators Delta Private Jets (giving Delta a 28% stake in the company), TMC Jets, Mountain Aviation, Gama Aviation Signature, Alante Air Charter, tech platform Avianis, and charter brokerage and aviation services company Air Partner.
“I’m delighted to add such a talented and experienced private aviation professional to our leadership team,” said Wheels Up CEO George Mattson.
He added, “Meaghan’s deep understanding of the industry, the competitive landscape, and her experience in building a long-term plan that drives profitable growth will further our strategic mission to build a strong and resilient business model. As we continue to build the best team in the industry, we look forward to Meaghan joining the company and having an immediate impact on our success.”
Wells said, “Over the past year, Wheels Up has continued to lay the groundwork for the next phase in its journey by fortifying the business through continuous operational improvement and delivering simplified, accessible, and flexible solutions across private and commercial aviation, including through its one-of-a-kind strategic partnership with Delta Air Lines.”
She added, “I’m thrilled to join Wheels Up and look forward to working with leadership and the entire team to drive strategy and identify new opportunities as the company continues to focus on profitable growth while delivering operational excellence.”
Last month, Wheels Up said its key shareholders had agreed to extend their lockups through September 2025.
The $500 million financing helped Wheels Up avert a possible bankruptcy in the Summer of 2023.
Since then, it has been shedding some of those acquisitions and refocusing with an influx of Delta executives.
Wheels Up has been seeking to increase its business travel market share by targeting Delta’s over 40,000 corporate accounts.
In May, it tapped Southwest Airlines’ top sales executive, Dave Harvey, as chief commercial officer.
Delta CEO Ed Bastian has said Wheels Up is a key part of the airline’s premium strategy.
During a members’ event at The Masters this year, Bastian told the gathering, “We’re just getting started.”
In an interview with Private Jet Card Comparisons after its Q2 earnings call, Mattson said, “We’re in a position now, hopefully, where we can start to really scale this again, but scale it structurally to produce a profitable business rather than an unprofitable one.”
Wheels Up has been publishing performance numbers to show prospects it has improved reliability.
In Q2, its completion rate was 99%, on-time performance was 87%, and there were 31 so-called Brand Days, dates with no cancelations, a record for the company.
Mattson also said Wheels Up was preparing a fleet refresh.
However, he seemed to eschew an order for new aircraft from an OEM.
“Buying brand new aircraft off the production line is not necessarily, in our view, the optimal way to expend capital, but certainly newer, more capable, and different models than the ones we’re flying today,” the CEO said.
As of June, Wheels Up had 165 aircraft, including 56 King Air 350is, 40 Citation Xs, and 31 Hawker 400XPs.
However, that has decreased from a peak of over 200 aircraft since the company sold its aircraft management business to Airshare last year.
It has also been shedding some of its King Airs and Citation Xs.
Wheels Up executives have said the company expects to be EBITDA positive by year’s end.
Wells is expected to begin her role on November 4, 2024 officially.
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