Vázquez appointed as new ceo
Fernando Conte has stepped down as chairman and ceo of Iberia.
His resignation comes six months before the 59-year-old was expected to retire and in the middle of long standing talks with BA over a merger.
Mr Conte, who had held the two posts since 2003, is succeeded as chairman and ceo by Antonio Vázquez, a former Iberia director and more recently chairman and ceo of Altadis, a tobacco company.
Mr Conte said he had decided to stand down for personal reasons.
He said in a statement: "This has been a very carefully thought-out decision which I broached with the chair of the appointments and compensation committee months ago and which I did not want to make until my successor had been decided and continuity in the management of the company had been assured.
"I am leaving with the feeling of a job well done and with the peace of mind that my successor is the best possible person for the job."
During his time as ceo, the Spanish flagship said he had implemented two "master plans" which had brought the airline an accumulated profit of €1,160m over six years.
Iberia said it had "cemented" its "commanding" position in the Latin America market, overseen new deals with pilots as well as the merger of Vueling, a low cost carrier owned by Iberia, with clickair.
Mr Conte has also been closely involved with the merger talks with BA which have now been going on for more than a year without a conclusion.
It was announced in April that the two carriers had agreed on several outstanding issues including BA's large pension fund deficit and the structure of the new controlling company, including its ceo and other senior officers.
The main outstanding issue is financial control of the proposed parent company.
At the time, BA's ceo Willie Walsh said he was in not rush to merge.
Most details have been settled including the problem over BA's large pension fund deficit and the structure of the new controlling company, including its ceo and other senior officers.
The main outstanding issue is financial control of the proposed parent company.
There have been reports that Mr Conte and Iberia directors appointed by its largest shareholder the Spanish bank Caja Madrid disagreed over how the talks were progressing.
It was Caja Madrid which stopped an earlier takeover of Iberia by a consortium which included BA because it wanted the airline to remain in Spanish hands.
The new chairman Mr Vázquez, 57,was an Iberia director between 2005-2007.
He has worked for many years in the consumer goods industry, joining Altadis in 1996 as a general manager.
He was appointed chairman and then ceo in 2005 but resigned as chairman in 2008.
Mr Vázquez was also appointed a director of Telefónica Internacional in 2008.
He said he was joining the airline with the "greatest enthusiasm.
Iberia also said it had appointed Rafael Sánchez-Lozano as managing director and chief operating officer.
He has in the past 12 years held various posts and directorships with companies linked to Caja Madrid and has been an Iberia director since 2007.
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