Wheels Up Names New Board Sans Founder Kenny Dichter

Wheels Up has reconstituted its board of directors concurrent with receiving up to $350 million in term loan financial support and a $100 million revolving loan from an investor consortium led by Delta Air Lines. Before that deal closed on September 20, Delta already had provided Wheels Up with $70 million since August 8 under an amended promissory note.

Departing board members include company founder and former CEO Kenny Dichter, Mike Mullen, Brian Radecki, Susan Schuman, Ravi Thakran, Chih Cheung, and Marc Farrell. In a Form 8-K filed Friday with the U.S. Securities and Exchange Commission, Wheels Up stressed that the resignations were "not related to any disagreement with the company or the board regarding any matter related to the company's operations, policies, or practices."

Concurrent with the resignations, Wheels Up announced the appointment of new board members including incoming CEO George Mattson; Delta president for international and former Bombardier CEO Alain Bellemare; Adam Cantor, a partner with Wheels Up investor Knighthead; Zachary Lazar, a director with Wheels Up investor Certares; and Andrew Davis, senior v-p of strategy and investments for Wheels Up investor Cox Enterprise.