US cargo carrier Atlas Air has shed four senior executives as it fights to overcome a financial crisis. The Boeing 747 freighter wet-lease operator last week replaced chief executive Richard Shuyler with former president John Blue in what it described as a difficult but necessary move. The controller and two other senior executives have also left the airline, which is trying to repair its finances by renegotiating loans, leases and deliveries.
The airline now also faces a formal investigation by the US Securities and Exchange Commission (SEC) into its financial re-audit, which started in October when Atlas discovered an accounting error, and will not conclude before April.
The carrier still has excess capacity despite reactivating several aircraft last year for military charters and has stopped making lease payments on seven of its 51 747s.
Source: Flight International
