Skift Take
Something seems off about this. Yes, Gogo CEO Michael Small probably had to go. But shouldn't the company have chosen a new CEO with a background in telecommunications?
Gogo, the inflight internet provider, replaced its CEO on Monday with the head of a family investment fund that owns roughly 30 percent of the company and is its largest shareholder.
After markets closed Monday, Gogo said Oakleigh Thorne, a member of the company's board of directors and former chairman and CEO Chairman of eCollege.com, had taken over, effective immediately. Thorne leads Thorndale Farm LLC, a family office.
In a release, Gogo said CEO Michael Small, who had led it since 2010, had stepped down as part of a "mutual decision" with the board. Gogo, which had an IPO in 2011, has not had a profitable quarter as a public company, and last year its net loss was $172.0 million, up 38 percent from 2016. Revenue has generally been on an upward trajectory but Gogo has spent considerable sums on technology and on improving its market position outside its U.S. base.
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