Iberia's Sánchez-Lozano steps down as CEO

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Rafael Sánchez-Lozano has stepped down as the chief executive of Iberia with immediate effect, parent company International Airlines Group (IAG) announced on 27 March.

He will be succeeded by Luis Gallego, who is currently the chief executive of Iberia's low-cost subsidiary Iberia Express.

IAG chief executive Willie Walsh credits Sánchez-Lozano with leading the airline "through a very difficult period in the midst of a deep recession".

Gallego says he is "delighted" to take on the new role, adding: "The airline has an enviable international network and is a leader from Europe to the powerhouse economies of South America."