Aer Lingus’s chief financial officer (CFO) Nessa McNeela has decided to quit after a little over a year in the role to take up a new job in London.
McNeela, who started her career at KPMG, joined the carrier’s parent, International Airlines Group, to work in its British Airways business and also served briefly as chief financial officer of International Airlines Group Cargo last year.
She had been heavily involved in an ongoing effort by Aer Lingus to cut costs and boost earnings margins. The carrier announced plans in mid-July to cut up to 500 jobs, leading to clashes with trade unions.
Aer Lingus said McNeela’s plans to pursue a “new senior level opportunity” with an unnamed company in London would allow her to work close to her home base.
“In an internal communication to staff, Aer Lingus [chief executive] Lynne Embleton said she would like to thank Nessa for the significant contribution she has made to Aer Lingus and indeed in the various senior finance roles she has held in IAG since joining the group in 2021. We wish her the best for the next stage of her career,” a spokeswoman for Aer Lingus said in a statement, adding that the company is commencing a process to find a new CFO.
Aer Lingus jobs cuts plan vague, says cabin crew union
While a recruitment process is under way, Reid Moody, chief strategy and planning officer, will be appointed as interim CFO, effective from October 1st, alongside his current responsibilities. Moody began his career in finance and has held various senior roles in Aer Lingus and British Airways.
McNeela’s plan to leave was first reported by the Business Post on Monday afternoon.
Higher fuel bills, driven by tension in the Middle East, and increased competition on North American routes have been eroding the Irish carrier’s profits, prompting it to review costs in recent months.
The airline told staff on July 16th that it wants to cut up to 500 jobs: 70 pilots, 140 cabin crew and 290 head office posts, from a workforce of 6,500, to boost its waning profits and improve its operating margin to 12-15 per cent, to meet wider IAG group targets. Embleton has forecast that the margin for this year will be a “low single-digit” percentage.
Aer Lingus and its pilots abruptly ended talks on job cuts after meeting for just 12 minutes last month.
The Irish company opposes the IAG European Works Council’s argument that the airline’s parent should consult it on Aer Lingus’s plans to cut 500 jobs before local talks begin.