Icelandair Group has announced a wide-ranging corporate restructuring which includes the elevation of its aircraft leasing arm to one of four core business areas.

"This will make us better equipped to adapt to the constantly changing operating environment and take advantage of future opportunities. Increased emphasis on digitization, development of our fleet and route network, as well as air freight and our leasing business, will also strengthen our competitive advantage," CEO Bogi Nils Bogason said.

Following the restructuring, the group will have four core business divisions - Sales and Customer Experience (previously two separate divisions), Operations, Air Freight and Logistics, and Aircraft Leasing and Consulting.

The Aircraft Leasing and Consulting unit will be led by Arni Hermannsson, Managing Director of Loftleidir Icelandic (Reykjavik Keflavik).

"Loftleidir Icelandic currently uses Icelandair Group’s expertise, experience and operating resources to provide charter and consulting services to airline operators around the world. Furthermore, the Company contributes to reducing seasonal fluctuations within Icelandair Group’s operations. The Company has consistently performed well over the years and Icelandair Group intends to strengthen this business further," the group said in a statement.

As a part of the restructuring related to cargo operations, the group said it was considering "various options" to further expand Icelandair Cargo.

Finance, People and Culture, Digital Development and Information Technology, and Fleet and Network have been set up as supporting business divisions.

The Icelandic group has also said it will consider further integration of its tour operator VITA and regional carrier Air Iceland Connect (NY, Reykjavik Domestic). It has also earmarked Iceland Travel, a destination management company and a tour operator, for sale.