Former M&S boss confirmed as IAG non-exec

Former M&S boss confirmed as IAG non-exec

Former Marks & Spencer boss Marc Bolland has been confirmed as a non-executive director of British Airways owner International Airlines Group.

News of the appointment came as the airline group that also controls Aer Lingus, Iberia and Vueling delivered improved first-quarter financial results despite the impact of last month’s Brussels terrorist attacks.

Bolland’s appointment is due to be rubber stamped at an IAG  shareholders meeting in Madrid in June when deputy chairman Sir Martin Broughton and Cesar Alierta Izuel, chief executive of Spanish firm Telefonica, are to stand down for personal reasons.

IAG reported an operating profit of €155 million for the traditionally weaker three months of the year compared to €25 million for the same period a year earlier.

Passenger revenue rose by 8% to €4.4 billion.

IAG said: “Revenue trends in quarter two have been affected by the aftermath of the Brussels terrorist attacks, as well as some softness in underlying premium demand.

“As a result, IAG has moderated its short term capacity growth plans.

“The group also expects to reduce its underlying ex-fuel unit costs for the full year by around one per cent. Consequently, in 2016, IAG still expects to generate an absolute operating profit increase similar to 2015.”

Chief executive, Willie Walsh, said: "We're reporting an operating profit of €155 million before exceptional items which is up by €130 million compared to last year.

“This is a good performance with a strong increase in what is traditionally the weakest quarter.

"January and February's revenue was in line with Q4 2015 trends. March revenue was affected by the timing of Easter and the Brussels terrorist attacks with the latter continuing into quarter two.

"Our productivity has improved 5.9% and the underlying non-fuel unit costs performance continued to show improvement across our companies."


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