IAG's CFO steps down, as BA finance chief named as replacement

(Sharecast News) - British-Spanish carrier International Airlines Group has announced that its chief financial officer is to step down after four years on the job.

The company, which owns British Airways, Iberia, Aer Lingus, and Vueling, said that Nicholas Cadbury would be leaving the company in June, having joined in early 2022.

Cadbury, who said he "decided that now is the right time to step down to seek new and varied challenges outside IAG", will be replaced by BA's finance and transformation chief Jos� Antonio Barrionuevo.

Barrionuevo, a JP Morgan and McKinsey alum who has been in his current role at BA since mid 2023, joined the IAG group in 2013 as director of strategy and transformation at Iberia, before working as seven years as the Spanish carrier's CFO.

In a statement, IAG's chief executive Luis Gallego thanked Cadbury for his contribution over the past four years, saying: "Under his leadership, IAG has built back its balance sheet and profitability, improved shareholder returns, positioning for long-term sustainable growth."

He added: "I'm delighted that Jos� Antonio, a talented leader from within the group, will be taking over from Nicholas. He brings significant experience in finance, transformation and strategy in both Iberia and British Airways and in capital markets. He is a well-respected, accomplished and experienced CFO with a strong track record."

IAG shares were down 1.2% at 430.8p by 0904 GMT.