Former SAS Executive Vice President Hilden appointed airBaltic CEO

RIGA - The Supervisory Board of the Latvian airline airBaltic has appointed Erno Hilden as the company's new Chief Executive Officer (CEO), airBaltic representatives informed LETA.

He will assume the role as of December 1, 2025.

The company says that Hilden is a Finnish citizen and has over 25 years of international experience in aviation and finance. Until June 2025 he served as Executive Vice President and Group Chief Financial Officer (CFO) of SAS Scandinavian Airlines, where he has been a key member of the leadership team during the company’s transformation and capital raise. Before joining SAS, he held senior roles at Saudi Arabian Airlines Group and at Finnair Plc, where he served as Group CFO, Chief Operating Officer (COO), and a member of the Executive Board.

Hilden said he appreciated the trust placed in him by the airBaltic Supervisory Board.

"My focus will be on ensuring continuity, supporting the Executive Board, and working together with the team to maintain operational stability and contribute to the company’s long-term objectives," Hilden said, adding that he also looks forward to applying his international aviation and financial experience to support the company's next stage of development.

Andrejs Martinovs, Chairman of the airBaltic Supervisory Board, indicated that the selection process included the evaluation of several highly qualified candidates. "We are pleased to appoint Erno Hilden as the next CEO of airBaltic. His strong background in aviation and finance will add important expertise as the company continues to develop its business and prepares for the next phase of growth," he said.

Until December 1, 2025, airBaltic will continue to be led by Interim CEO and Executive Board member Pauls Calitis, ensuring continuity. After that date, Calitis will continue in his role as COO and as a member of the Executive Board.

As LETA reported, on April 7 this year, the Supervisory Board of airBaltic decided to dismiss the Chairman of the Management Board and CEO Martin Gauss.

Currently, the Latvian state owns 97.97 percent of airBaltic's shares, while the financial investor, Danish businessman Lars Thuesen's Aircraft Leasing 1, owns 2.03 percent.

It is also reported that at the end of January 2025 an agreement was reached with German airline Lufthansa on investments in airBaltic of EUR 14 million. In exchange for the investment, Lufthansa Group will receive a convertible share giving it a 10 percent stake. This convertible share will be converted into ordinary shares at a later date, following the IPO of airBaltic.

After the IPO, the size of Lufthansa Group's holding will be determined by the potential IPO market price. The transaction also provides that Lufthansa Group will own at least 5 percent of the capital of airBaltic after the potential IPO. The Latvian government also agreed in August 2024 that the state must retain at least 25 percent plus one share in the capital of airBaltic after the IPO.