In the third of our winning stories from 2025’s Airline Strategy Awards, which were held in London on 14 July, Copa Airlines chief executive Pedro Heilbron was recognised in the Executive Leadership: Latin America & Caribbean category
Copa Airlines and its long-serving chief executive Pedro Heilbron were chosen by the judges in a region where several compelling stories emerged over the past 12 months.
Heilbron stood out from the crowd for leading Copa through the pandemic without entering Chapter 11 bankruptcy protection – unlike other large peers in the region – and for ensuring the carrier emerged from the crisis on the front foot.
“Copa has done it without having to go through Chapter 11,” a judge says. “That’s tougher to do.”
Central to Copa’s strategy has been a stringent focus on cost control, keeping unit costs consistent with those of low-cost carriers, while generating relatively high unit revenues due to strong and often sole-carrier positions on many routes.
Continuing to underpin the story is the carrier’s highly effective strategy as a north-south connecting carrier in the Americas.
Indeed, Copa re-embarked on a substantial network growth programme in the post-Covid era, moving to a six-bank hub structure at Tocumen International airport in Panama City and now connecting 5,000 city pairs via one-stop or non-stop services.
And in addition to its network expansion in Latin America and the Caribbean, Copa is also targeting growth in the North American market, having announced new destinations such as Boston and San Diego.
Further demonstrating that the airline never stands still, Copa is also implementing a new NDC distribution program, which will enhance its offering by introducing more flexibility and diverse options.
“In terms of strategy, in terms of leadership, in terms of running it through a very difficult time, without having to use the courts, I think Copa did a very good job,” another judge says.
Judges were notably impressed that Copa continues to be highly disciplined under Heilbron’s leadership, achieving consistently impressive operational performances. They include Copa being recognised as the most punctual airline in Latin American in 2024.
Moreover, Copa’s financial performance continues to be strong, posting a net profit of $609 million in 2024 on revenues of $3.44 billion, even amid currency challenges. The airline’s operating margin was a healthy 21.9%.
These results were achieved despite economic volatility and uncertainty in the core Americas markets that Copa serves, alongside the absence of any domestic market and continuing Boeing aircraft delivery delays.
“I am a huge fan of Copa,” another judge says. “He’s a genuinely amazing leader, and to have led the airline through as much as he has – he is as good as it gets.
“Heilbron is the real deal.”
The full list of 2025 Airline Strategy Awards winners, by category, were:
Executive Leadership: North America Scott Kirby, United Airlines
Executive Leadership: Europe Luis Gallego, IAG
Executive Leadership: Asia-Pacific Shinichi Inoue, ANA
Executive Leadership: Latin America & Caribbean Pedro Heilbron, Copa Airlines
Executive Leadership: Africa & Middle East Ghaith Al Ghaith, Flydubai
Air-Cargo Leadership Azul Cargo Express
Digital Leadership Ryanair
ESG Leadership JetBlue Airways
The Airline Business Award Harry Hohmeister