The parent company of British Airways and Iberia said Thursday that its longtime CEO Willie Walsh is retiring. International Airlines Group (IAG) said in a statement that Iberia’s chief executive, Luis Gallego, will replace Walsh.

Launched in 2011, IAG says it serves more than 268 destinations and carries 113 million passengers each year. It made a net profit of €2.9 billion ($4.2 billion) in 2018, the last full year for which figures are available.

IAG is continuing to expand, announcing last September it had agreed to buy Spanish rival Air Europa for €1 billion ($1.45 billion).