Abu Dhabi- Etihad Airways has sold its minority stake in European regional carrier Darwin Airline, the first divestment since launching a strategic review last year and just weeks after chief executive James Hogan left the Abu Dhabi-based carrier.

Etihad, which held a 33.33 percent stake in Darwin Airline, and other investors have sold their shares to a new Swiss subsidiary of Slovenia’s Adria Airways, according to a statement on Thursday.

Darwin Airline will be rebranded as Adria Airways Switzerland. It has operated as Etihad Regional since 2014 when Etihad Airways bought its stake.

The shares were sold to a new Swiss subsidiary of Adria Airways, the statement said.

Adria Airways Chief Financial Officer Heinrich Ollendiek will replace Maurizio Merlo as Darwin Airline chief executive officer.

Etihad sold its stake in Darwin Airline as part of the review it launched in 2016, Etihad’s chief strategy and planning officer Kevin Knight said.

Etihad appointed Irishman Ray Gammell as interim chief executive in May, replacing Hogan who left the company on July 1.