The Etihad Aviation Group, which operates Etihad Airways, said on Tuesday that its president and CEO James Hogan will step down from his position in the second half of 2017. Additionally, chief financial officer James Rigney also will depart this year.
Hogan led Etihad Airways for over a decade. Last year, he also established a group that manages investments in other carriers.
Group chairman Mohamed Mubarak Fadhel al-Mazrouei said Etihad was conducting a "company-wide strategic review" that may include adjustments to the network of equity partnerships with other carriers.
The move by one of the top airlines in the Middle East is being seen as a sign of belt-tightening by the carrier in the prolonged slump in oil prices.
"We must progress and adjust our airline equity partnerships and we must ensure that the airline is the right size and the right shape," al-Mazrouei said in a statement.
Along with Emirates Airline and Qatar Airways, Etihad Airways is considered a symbolic representation of the rapidly expanding Middle East airlines. The Group under Hogan invested heavily in new Airbus and Boeing planes to drive traffic through their hubs.
"In just 10 years, he [Hogan] has overseen the growth of the company from a 22 plane regional carrier into a 120 aircraft global airline and aviation group, with seven airline equity partnerships which together serve more than 120 million guests every year. We look forward to James' continued association with Abu Dhabi in new ways," al-Mazrouei added.
The Etihad Aviation Group has started looking for a global search for their replacements.