Daily Telegraph certainly sees this as something of a (unsurprising ?) snub for Cruz in its business pages today :

“The boss of British Airways has been overlooked for the top job at parent firm IAG as chief executive Wille Walsh stands down after 15 years.
Alex Cruz lost out to Luis Gallego after a string of problems at BA. Mr Gallego will take charge of IAG in March.
Mr. Cruz, who started at BA in April 2016, came up short despite the flag carrier being by far the most profitable of IAG’s five airlines, carrying almost 44m passengers in the 11 months to November last year. Iberia had fewer than half that total in the same period”

I can’t help wonder whether Cruz will now feel distinctly uncomfortable having to report to Gallego, someone who - until now - would have been viewed by Cruz as a ‘fellow CEO’ within the Group, but no doubt further down the pecking order.
These are the kind of decisions that very often result in the snubbed executive seeking pastures new.