Cargoitalia founder and managing director Massimo Panagia has left the allcargo airline, the second top executive to quit recently following board chairman Stan Wraight’s exit.
The departure of the two well-known air cargo executives has raised serious questions about the airline’s future, with record fuel prices putting crushing pressure on cargo carriers. Media reports in Europe have said Cargoitalia was up for sale, but the company has declined to confirm.
The carrier that Panagia leaves has grown rapidly and in less that two years offers services to 10 destinations in the United States, Mexico, the United Kingdom, Germany, United Arab Emirates, India and China.
“I believe that it is now appropriate to leave the leadership of the company to the current owners that will decide future strategy and role of Cargoitalia on the marketplace,” Panagia said.
Panagia declined to say what he intended to do next, but added: “I strongly believe in the potential of talented organisations in this industry, currently affected by this absurd pressure of jet fuel cost, so I will be very likely still involved on this battleground.”