This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. For an explanation of our Advertising Policy, visit this page.

Virgin Atlantic is getting a new boss. Effective January 1, 2019, Shai Weiss, the current commercial head for the carrier, will take over as CEO for Craig Kreeger, as Richard Branson cedes his majority stake in the airline.

The transition of power follows news that Virgin Atlantic’s alliance with Delta, which owns 49% of the UK airline, is set to be extended to include the Air France-KLM Group. Once complete, the Air France-KLM Group will get a 31% stake in the company, which will come from Branson’s ownership. After the deal, Branson will be left with just a 20% stake in the airline, which was founded in 1984. Nevertheless, the move represents Branson ceding his majority 51% stake in the airline.

Kreeger has been the CEO of Virgin Atlantic since 2013. At the end of 2018, Kreeger will retire — shortly before turning 60. Kreeger’s successor, Shai Weiss, has been with the company since he joined its board in 2012, as reported by Bloomberg. In 2014, Weiss became the carrier’s chief financial officer, and in 2017, he became the chief commercial officer.

Under Kreeger’s helm, the airline had mixed results — especially recently. In 2016, the airline turned a profit. However, in 2017, it posted a £28 million ($37 million) pretax loss. Responsible for the loss included the weak pound, which hurt demand for flights, as well as increased competition in the transatlantic market — especially from low-cost carriers, such as Norwegian and WOW Air. In an effort to curb the affect of low-cost carriers on its bottom line, Virgin introduced three different economy class tiers in March 2018, putting some of its offerings more in-line with that offered by its LCC competitors.

Featured image by Jeff J Mitchell / Getty Images.

The best beginner points and miles card out there.
Chase Sapphire Preferred Credit Card

With great travel benefits, 2x points on travel & dining and a 50,000 point sign up bonus, the Chase Sapphire Preferred is a great card for those looking to get into the points and miles game. Here are the top 5 reasons it should be in your wallet, or read our definitive review for more details.

Apply Now
More Things to Know
  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards
Intro APR on Purchases
N/A
Regular APR
17.74% - 24.74% Variable
Annual Fee
$0 Intro for the First Year, then $95
Balance Transfer Fee
Either $5 or 5% of the amount of each transfer, whichever is greater.
Recommended Credit
Excellent Credit

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.