AirBaltic has named Hilden, a previous executive vice president of SAS, as its new CEO.

In a significant move for airBaltic, Finnish aviation and finance expert Erno Hilden has been appointed as the new CEO, effective from December 1, 2025.

The appointment follows a thorough selection process that evaluated several highly qualified candidates. Hilden brings over 25 years of international experience in aviation and finance to the role. Prior to joining airBaltic, he served as Executive Vice President and Group CFO of SAS Scandinavian Airlines. Before SAS, he held senior roles at Saudi Arabian Airlines Group and at Finnair Plc, where he served as Group CFO, COO, and a member of the Executive Board.

The Supervisory Board of airBaltic made the decision to dismiss the Chairman of the Management Board and CEO Martin Gauss on April 7, 2023. Pauls Calitis, who is currently the Interim CEO and COO of airBaltic, will continue in his role as COO and as a member of the Executive Board after December 1, 2025.

The transaction with Lufthansa Group, announced at the end of January 2025, also provides that the German airline will own at least 5 percent of the capital of airBaltic after the potential IPO. In exchange for the investment, Lufthansa Group will receive a convertible share giving it a 10 percent stake. The size of Lufthansa Group's holding will be determined by the potential IPO market price after the airBaltic IPO, which has been postponed to at least 2026 due to market volatility and instability.

The Latvian government, which currently owns 97.97 percent of airBaltic's shares, agreed in August 2024 that the state must retain at least 25 percent plus one share in the capital of airBaltic after the IPO. The IPO aims to refinance expensive bonds and support airBaltic’s future growth. Additionally, the Latvian government and Lufthansa have each injected around €14 million into airBaltic to strengthen the company's position ahead of the IPO.

Andrejs Martinovs, Chairman of the airBaltic Supervisory Board, expressed pleasure at the appointment of Erno Hilden as the next CEO of airBaltic. Hilden expressed appreciation for the trust placed in him by the airBaltic Supervisory Board. His focus as CEO will be on ensuring continuity, supporting the Executive Board, and maintaining operational stability. Hilden also looks forward to applying his international aviation and financial experience to support airBaltic's next stage of development.

With the new CEO and the continued support of the Latvian government and Lufthansa Group, airBaltic is well-positioned to navigate its next phase of growth and development.

AirBaltic has named Hilden, a previous executive vice president of SAS, as its new CEO.