It was surprising news on Thursday when British Airways parent company IAG announced Willie Walsh would step down as CEO. He told investors just a couple of months ago that he planned to retire before turning 60, but he’s still 58.
Most of the discussion surrounded why British Airways CEO Alex Cruz wasn’t getting the top slot at the parent company. There was less speculation around ‘why now’ for Walsh’s departure. Less speculation, that is, until now.
- Last year Walsh sold over $4 million in IAG stock to fund a divorce
- The board has been made aware of an ongoing relationship he’s had with an employee
- However IAG denies this is the reason for his impending departure
Many companies have strict policies against this. Walsh isn’t the only senior airline executive rumored to have left a position in the past several years over a relationship with a subordinate.
(HT: Paddle Your Own Kanoo)