International Consolidated Airlines Group (LON:IAG) has said that the chief financial officer of its British Airways unit will take the top finance job. The move will take place at the blue-chip group’s annual general meeting (AGM) in June.
This Monday has seen an advance in the IAG share price, with the stock having gained 0.96 percent to 547.80p as of 13:21 BST. The stock is outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.08 percent lower at 7,431.01 points. The group’s shares have given up just under 10 percent of their value over the past year, as compared with about a 2.3-percent gain in the Footsie.
New finance chief at IAG
IAG announced in a statement today that Enrique Dupuy de Lôme was to step down from his role as a CFO at the group’s AGM in June. He will be replaced Steve Gunning who has been chief financial officer of British Airways since 2016, and acting director of IAG Global Business Services since December 2017. Prior to that he was chief executive of IAG Cargo from 2011.
“I’d like to welcome Steve to his new role. His appointment serves as evidence of the strength and depth of the IAG leadership team,” the FTSE 100 group’s chief executive Willie Walsh commented in the statement.
Analysts on BA parent
Deutsche Bank, which rates the British Airways parent as a ‘buy,’ lowered its price target on the shares from 800p to 675p this month. According to MarketBeat, the blue-chip group currently has a consensus ‘buy’ rating and an average price target of 689.87p.
RBC lifted its rating on the FTSE 100 group last month, arguing that the recent decline in the IAG share price was too harsh given that there had been no change to forecasts or the uncertain UK outlook.