LONDON — The parent company of British Airways and Iberia said Thursday that its longtime CEO Willie Walsh is retiring.

International Airlines Group, or IAG, said in a statement that Iberia’s chief executive, Luis Gallego, will replace Walsh.

Launched in 2011, IAG says it serves more than 268 destinations and carries 113 million passengers each year. It made a net profit of 2.9 billion euros ($3.2 billion) in 2018, the last full year for which figures are available.

IAG is continuing to expand, announcing last September it had agreed to buy Spanish rival Air Europa for 1 billion euros ($1.1 billion).

Strikes have recently disrupted services at British Airways, however.

IAG’s share price on the London stock exchange rose more than 1% to 625.20 pounds after the announcement.

Source: The Associated Press