Kowarsch has more than 20 years of experience in executive positions. He has been responsible for oversight in Adria after 4K Invest acquired the airline about two years ago, the company said in a written announcement on Thursday.

After the company's privatisation in 2016, Schuster led Adria Airways through transition from a flag carrier to a "successful commercial airline", the release says, adding that during this time Adria Airways became a leading regional air carrier linking Slovenia with the rest of Europe.

The release also said that during Schuster's time as CEO scheduled flights turnover increased by 14% and the company had also became a leading provider of wet-lease services.

Schuster will stay on on the management board until the end of April. The press release suggests that his resignation was of personal nature.

In thanking Schuster for his "excellently done job", Markus Zöllner from 4K Invest stated that the owners understood he would like to spend more time with his family in Vienna.

Zöllner said that Kowarsch was an excellent successor who would focus on further growth and expansion of the network of flights.

Adria Airways will fly to 24 destinations this summer, including new flights to Hamburg, Düsseldorf, Bucharest, Sofia, Geneva, Dubrovnik and Brač Island.