XL Airways Germany appoints former Air Baltic CEO Flick

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XL Airways Germany has named Bertolt Flick to succeed Martin Greiffenhagen as managing director with immediate effect.

Flick was president, chief executive and the second largest shareholder of Latvian flag carrier Air Baltic until last October.

The Latvian government, which controlled 52.6% of Air Baltic at the time, demanded Flick's removal in return for a recapitalisation to secure the ailing airline's future. As part of that restructuring, the state took over the 47.2% stake owned by Flick's company Baltijas Aviacijas Sistemas.

Flick initially became involved with Air Baltic as a government adviser. He took over the helm in 2002.

Greiffenhagen announced his resignation last month from the Frankfurt-based charter carrier for another job in the aviation industry.

That followed XL Airways Germany's acquisition by Swiss-American investment firm BeachSide Capital in December 2011 from Icelandic bank Straumur.