Steve Ridgway

Virgin Atlantic chief executive Steve Ridgway will retire after 23 years of service, amidst unsettling fuel prices, increased competition and the ongoing Eurozone crisis.

Virgin Atlantic recently lost a key business partner after losing out to International Consolidated Airlines Group, in the bidding for regional UK airline bmi, according to The Australian.

Virgin Atlantic had a code-sharing agreement with bmi and its previous owners, Deutsche Lufthansa.

“I've seen many great times and a few bad, and have always remained firm that we must offer something different to that of our competitors,” Mr Ridgway.

Mr Ridgway has promised to aid in the search for his successor, to be replaced by early 2013.

The airline's chief commercial officer Julie Southern may be considered as a possible replacement, an industry source told the Dow Jones Newswires.