Quick Overview

  • British Airways' Chief Financial and Transformation Officer José Antonio Barrionuevo will succeed Nicholas Cadbury as group chief financial officer of its parent company, International Airlines Group (IAG), according to a press release issued on Friday.
  • Barrionuevo will take over financial leadership from Cadbury in June, who has served as IAG's CFO since March 2022. London-based IAG also owns airlines such as Aer Lingus, Iberia, and Vueling.
  • IAG CEO Luis Gallego said in a statement in the press release that Barrionuevo "has extensive financial, transformation, and strategic experience at Iberia, British Airways, and in the capital markets. He is a highly respected, accomplished, and experienced CFO with an excellent track record."

Deep Insights

IAG attributed the appointment to its succession planning process, which "maps out career paths for senior leaders across different operating companies and business units," according to the press release. The company said Cadbury will remain for the next six months to assist with a smooth transition.

According to the press release, Barrionuevo joined IAG in 2013 as director of strategy and transformation at its subsidiary Iberia. During his decade at the Spanish airline, he held various roles, including a seven-year tenure as CFO, according to his LinkedIn profile. He assumed his current role at British Airways in July 2023. Before joining IAG, he worked at JPMorgan and McKinsey & Company.

The finance executive change comes as the company continues to focus on strong profitability and shareholder returns. Gallego said in Friday's press release that under Cadbury's financial leadership, IAG "rebuilt its balance sheet and profitability, improved shareholder returns, and positioned itself for long-term sustainable growth."

During the group's most recent third-quarter earnings call, Cadbury emphasized that strengthening the company's balance sheet is IAG's top priority, according to meeting transcripts. Its second priority "is to invest in the long-term strength of the business, pursuing high returns, with a focus on rebuilding the fleet, improving customer experience, enhancing digital capabilities, and advancing the sustainability agenda," he said.

For the quarter ended September 30, the company's operating profit rose approximately 18% year-over-year, Gallego said in a statement accompanying the November 7 earnings release. The company also nearly completed the €1 billion share buyback program announced in February of last year, according to the press release.

However, the group's net profit for the quarter fell 2.3% year-over-year to approximately €1.4 billion, partly due to weak summer demand, which led to a decline in the number of passengers flying on its airlines during the period, according to The Wall Street Journal at the time.

IAG plans to announce its full-year 2025 results in February 2025. Full-year capital expenditure is expected to be approximately €3.7 billion, and total fuel costs are expected to be €7.1 billion.