The prognosis for financially troubled Italian all-freight carrier Cargoitalia appears to worsen with the simultaneous departures of its founder and its well-known board chairman.

Founder and CEO Massimo Panagia left the company along with Stan Wraight, chairman of the board and former chief executive of AirBridge Cargo, the scheduled cargo airline of the Volga-Dnepr Group.

"I leave after the accomplishment of a successful launch of the company that is now entered into its phase of consolidation," Panagia said in a prepared statement. "In less than two years of operations, Cargoitalia has achieved a remarkable market position." Shareholders, who apparently engineered Panagia's departure and are looking for a buyer for the carrier, might debate whether the company is that well positioned. The company also terminated the contract with Wraight's company, Strategic Aviation Solutions International.

Panagia leaves a company that offers services to ten destinations in the United States, Mexico, the United Kingdom, Germany, United Arab Emirates, India and China.

"[It is] too early to say what I will do next," Panagia said. "However, I strongly believe in the potential of talented organization in this industry, currently affected by this absurd pressure of [high] jet fuel cost."