---
schema_version: "secwatch.filing_event.v1"
accession: "0001819516-23-000037"
form_type: "8-K"
ticker: "UP"
cik: "0001819516"
company_name: "Wheels Up Experience Inc."
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T09:47:44.586262+00:00"
event_type: "leadership"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Wheels Up CEO steps down, CFO named interim CEO, Q1 revenue $352M, net loss $101M

## Summary
- CEO Kenny Dichter departed May 9, 2023; CFO Todd Smith named interim CEO and Ravi Thakran appointed Executive Chairman.
- Q1 2023 revenue increased 8% to $352 million, a first quarter record, but net loss widened to $101 million.
- New member programs create two primary service areas (East and West) effective June 26, aiming to improve margins and service.
- Company evaluating disposition of non-strategic assets and opening a Member Operations Center in Atlanta on May 15.

## SEC filing metadata
- accession: 0001819516-23-000037
- form_type: 8-K
- ticker: UP
- cik: 0001819516
- company_name: Wheels Up Experience Inc.
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: leadership
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/up-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001819516-23-000037
- JSON: https://secwatch.observer/filing/0001819516-23-000037.json
- Plain text: https://secwatch.observer/filing/0001819516-23-000037.txt

## Key facts
- Earnings Releases
  Wheels Up Experience Inc. reported first quarter, which ended March 31, 2023 results: revenue $352 million, net income $101 million.
  - Period: first quarter, which ended March 31, 2023
  - Revenue: $352 million
  - Net income: $101 million
  - Result: reported results
  source text: First Quarter 2023 Highlights • Revenue increased $26 million year-over-year to $352 million, a first quarter record • Active Members decreased 1% year-over-year to 12,285 in total • Live Flight Legs decreased 13% year-over-year to 15,389 in total • Net loss increased $12 million year-over-year to $101 million • Adjusted EBITDA was flat year-over-year with a loss of $49 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm
- Executive change
  Kenneth Dichter departed as Chief Executive Officer at Wheels Up Experience Inc..
  - Action: departed
  - Role: Chief Executive Officer
  source text: On May 9, 2023, Wheels Up announced that Kenneth Dichter, the Company’s Chief Executive Officer and Chairman of the Company’s Board of Directors (the “Board”), will depart from his positions as the Company’s Chief Executive Officer and Chairman of the Board effective May 9, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm
- Executive change
  Ravi Thakran was appointed as Chairman of the Board at Wheels Up Experience Inc..
  - Action: appointed as Chairman
  - Role: Chairman of the Board
  source text: Mr. Dichter will remain a director on the Board and will transition the role of Chairman to Ravi Thakran, as described below.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm
- Executive change
  Kenneth Dichter departed as Chairman of the Board at Wheels Up Experience Inc..
  - Action: departed
  - Role: Chairman of the Board
  source text: Mr. Dichter will remain a director on the Board and will transition the role of Chairman to Ravi Thakran, as described below.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm
- Executive change
  Todd Smith was appointed as interim Chief Executive Officer at Wheels Up Experience Inc..
  - Action: appointed as interim Chief Executive Officer
  - Role: interim Chief Executive Officer
  source text: Effective as of the Effective Date, the Board appointed Todd Smith, the Company’s Chief Financial Officer, to also serve as the Company’s interim Chief Executive Officer and principal executive officer until a successor Chief Executive Officer is identified.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1819516/000181951623000037/0001819516-23-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.