Martin Gauss, the former CEO of Latvia’s national airline airBaltic, who was dismissed earlier this April, believes there are still unresolved obligations following his termination.
“Based on my employment contract, I believe there are still outstanding obligations,” Gauss told LETA when asked whether he intends to claim compensation.
He confirmed that the last payment he received was on the day of his dismissal and that no further payments have been made since.
At the same time, Gauss stated that he believes his dismissal was politically motivated and expressed the view that the best outcome for airBaltic would be his return to the company. “However, I continue to support the airline and reserve the right to revisit this matter in the future, if necessary,” he said.
Previously, airBaltic representatives emphasized that all obligations to Gauss were fulfilled according to the decision of the board on the 7th of April. Full settlement was made upon his departure, and the decision does not include any further payments or compensation.
Due to the confidentiality of the decision, the airline declined to comment further on the matter.
As previously reported by LETA, on the 7th of April, the airBaltic board decided to dismiss Martin Gauss from his position as chairman of the board and CEO. In 2024, Gauss’s salary amounted to 838 568 euros.
Gauss told LETA earlier that the dismissal came as a surprise to him, although politicians had been calling for it for some time.
He began working at airBaltic on the 1st of November 2011.
It has also been reported that the vacancy for airBaltic’s new CEO will be officially announced on the 30th of April. The selection process is expected to take approximately three months.
Until then, the airline will continue to be led by its acting CEO, Pauls Cālītis, who also serves as Chief Operations Officer and a board member.
In late January 2025, a 14 million euros investment agreement was reached with Germany’s Lufthansa, which will receive a convertible share in exchange, granting it a 10% stake in airBaltic. After a potential initial public offering (IPO), this share will be converted into regular shares.
Following the IPO, Lufthansa Group’s final stake will depend on the IPO’s market price, but the agreement ensures that it will hold at least 5% of airBaltic’s capital.
The transaction is still subject to approval by Germany’s Federal Cartel Office (Bundeskartellamt).
Currently, 97.97% of airBaltic shares are owned by the Latvian state, while 2.03% are held by Aircraft Leasing 1, owned by Danish investor Lars Thuesen. As per the government’s decision on the 30th of August 2024, the state must retain at least 25% plus one share after airBaltic’s IPO.
In 2024, airBaltic carried 5.2 million passengers, a 13% increase from the previous year, and operated 47 000 flights, a 7% increase.
However, the airBaltic Group posted audited losses of 118.159 million euros for 2024, compared to a profit the previous year. The Group’s revenue rose by 11.9%, reaching 747.572 million euros compared to 2023.