Finnair CEO Jukka Hienonen resigned on Friday after Finland’s flag carrier reported a net loss of 26 million euros (about $37 million).
"My four years in Finnair´s service has included both periods of success as well as the increasingly adverse development of the entire sector, and now a clear change of course is required," Hienonen said. "I am not satisfied with the results achieved; the rate of change has been insufficient."
Hienonen took a parting shot at "some personnel organizations that have shown no willingness to adapt" to the financial crisis the airline industry faces.
"Many structures as well as the company´s culture have been formed in totally different conditions," he said. "With these we cannot do well in the present competitive environment, but changing them has proved to be extremely difficult."
The airline’s board said it "regretted" Hienonen’s decision to resign. He will stay on as CEO for up to six months while the board finds a replacement.