Air Baltic’s long-term chief executive, Martin Gauss, is stepping down from his post after a no-confidence vote, as the Latvian carrier edges towards a planned initial public offering.
Chief operations officer Pauls Calitis will temporarily take over as the head of the airline.
The carrier says the supervisory board “decided upon changes” to the company’s management on 7 April, following a regular shareholders’ meeting.
This meeting discussed the financial performance of Air Baltic, which turned in full-year net losses of €118 million ($129 million) in 2024, as well as issues relating to the intended IPO.
Air Baltic says the ministry of transport, the largest shareholder in the airline, expressed “no confidence” in Gauss, and a subsequent extraordinary meeting of the supervisory board resulted in a decision to remove him from the post.
Latvia’s new transport minister, Atis Svinka, who was appointed in early March, says Air Baltic is an important state company and “must be able to develop independently and adapt to external conditions”.
Gauss took over the helm of Air Baltic having previously led Hungary’s then-national airline Malev
Air Baltic supervisory board chair Andrejs Martinovs credits him with steering the carrier through “significant transformation and growth” and “laying a strong foundation” for its future.
The company says its operations “will not be impacted” by the management changes, and Martinovs adds that the “core objectives remain unchanged”.
Air Baltic is continuing to progress towards a potential IPO.
“We maintain full confidence in the management board and the professional team, which ensures the company’s day-to-day operations, passenger services, and overall management,” says Martinovs.
