James Hogan will step down as president and chief executive officer of the Etihad Aviation Group in the second half of 2017, according to the company’s board of directors.

Hogan will join an investment company with James Rigney, chief financial officer, who is also leaving later this year.

“Along with the board and my 26,000 colleagues, I am very proud of what we have built together at Etihad and of the company’s substantial contribution to the UAE and to the development of Abu Dhabi,” said Hogan. “The last decade has seen incredible results but this only represents a first chapter in the story of Etihad.”

A global search for a new group CEO and group CFO is already underway.

Hogan was appointed president and CEO of Etihad Airways in September 2016. He became president and CEO of the newly formed Etihad Aviation Group in May 2016.

“We are very grateful to James,” said Mohamed Mubarak Fadhel Al Mazrouei, chairman of the board of the Etihad Aviation Group. “In just 10 years, he 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. It is a business which has set new benchmarks for service and innovation. Under his leadership, the company has provided new opportunities for thousands of Emiratis and has been a critical element in the remarkable progress of Abu Dhabi and the UAE. We look forward to James’ continued association with Abu Dhabi in new ways.”

Al Mazrouei said that the board and the management team will continue an ongoing strategic review to make sure the airline is the right size and shape for the challenging market.

“We must continue to improve cost efficiency, productivity and revenue,” he said. “We must progress and adjust our airline equity partnerships even as we remain committed to the strategy.”