CEO Roundup—WOW offers $99 flights from four more U.S. hubs, Wells Fargo CEO says more trouble is on the way

Icelandic budget carrier WOW Air is wagering that four new U.S .hubs will be profitable additions to its fast-growing network. (WOW)

The WOW factor: An upstart airline is offering flights to Iceland from the US for $99

Iceland is attracting tourists in record numbers, many of them American. Last year's total was 1.8 million visitors, more than 415,000 of them from the United States, according to the Icelandic Tourist Board. And of course there are plenty of business reasons to visit the Nordic island nation, as well. But can St. Louis support a non-stop route to Iceland? How about Cleveland, Cincinnati and Detroit? Upstart Icelandic budget carrier WOW Air thinks so, and—with fares available at less than $100 one-way—the five-year-old company is wagering that those U.S hubs will be profitable additions to its fast-growing network, according to USA Today. The expansion will give the airline one dozen total U.S. destinations. Asked if there was demand to support the new non-stops to Iceland, especially from the smaller markets included in [the] announcement, WOW owner and CEO Skúli Mogensen struck a bullish tone. “We like the region. We think there’s opportunity there. We think it’s under-served,” he told USA Today, adding that the company is "very data driven" in seeking out prospective new markets. WOW's new routes will launch this spring. One-way fares to Iceland will start at $99.99 from all four cities. Connecting flights to WOW’s other European destinations begin at $149.99. (USA Today)

Gird for more bad news, Wells Fargo CEO tells employees

Wells Fargo CEO Timothy Sloan sent a companywide message out on August 22 to tell employees that, to date, a scandal involving the opening of unauthorized accounts for current customers has resulted in refunds or payments to date exceeding $5 million—and that it is not over yet. He said that the bank is close to completing a third-party review of the situation that still could “generate news headlines”—and not good ones. Indeed, while Wells Fargo originally looked at customer accounts during the timeframe of May 2011 to mid-2015, he said, “Now we’re completing an expanded retail account analysis for 2009 through 2016, including additional analysis of the original review period. So as our timeframe almost doubles to an eight-year review period, we can expect our totals for accounts and dollars remediated to grow.” While the media attention continues to intensify, Sloan said, “… even as we face this renewed coverage, the best thing we can do is stay focused on fixing problems, making things right for customers, and building a better, stronger Wells Fargo.” (Wells Fargo)

Suggested Articles

Veteran CEO John Schwarz says the times dictate a fresh approach to the chief executive position.

Very little attention has been paid to the flip side of the CEO salary debate: CEOs whose salaries are much less out of kilter with workers' salaries.

Hamid Hashemi, CEO of iPic Entertainment, wants to make moviegoing an elegant experience.