Surf Air Mobility Inc. (NYSE: SRFM) experienced a notable recovery in its share price during Wednesday’s after-market session, gaining 8.85% to close at $3.69. This rise offset a 3% decline in the regular session, where shares closed at $3.39. The fluctuations reflect market responses to significant developments within the company, particularly regarding leadership.
Deanna White Takes Helm as CEO and COO
Deanna White has been named Chief Operating Officer and Chief Executive Officer of Surf Air. From May 2022 until December 2023, Ms. White served as Chief Financial Officer. Since May 2024, she has been acting as Interim CEO and COO.
She is the perfect person to manage Surf Air as it carries out its Transformation Plan and strives for profitability because of her wealth of expertise and leadership qualities. Ms. White has a notable background in flying.
She handled the commercialization of an eVTOL aircraft program as COO of Kitty Hawk, which was eventually acquired by Boeing and rebranded as Wisk Aero. She also held high-level positions at Bombardier Flexjet, helping the company expand prior to Directional Aviation Capital’s acquisition.
Progress in the Transformation Plan
Surf Air’s ongoing Transformation Plan is focused on achieving profitability by 2025. SRFM wants to improve its financial condition and develop a business strategy that uses less money.
The recent purchase of four Cessna Grand Caravan EX turboprop aircraft from Textron Aviation is a major step in this direction. Two of these aircraft were financed through operating leases with ITC-AeroLeasing, highlighting Surf Air’s effective partnership with international aviation stakeholders.
Fleet Expansion Enhances Operations
The delivery of these aircraft, celebrated at Textron Aviation’s Kansas facility, represents a strategic investment in operational efficiency and passenger experience. The Grand Caravans will immediately join Surf Air’s network, contributing to improved profitability and supporting the company’s commitment to modernizing its fleet.
Each new addition underscores SRFM’s resolve to meet its ambitious goals under the Transformation Plan. With robust leadership and a clear strategic focus, Surf Air Mobility is positioned to redefine its business model and strengthen its presence in the aviation industry.
