The current CEO Spencer Birns is a good guy. He knows what he is doing and his background is in route development. What is less certain is whether the WG will give him the freedom to do his job. I think the airport did well to attract Qatar Airlines and Wizz Air. And were unlucky that they were both badly impacted by Covid and the effect it had on the airline industry.
Other airports have been badly affected too. Losses have grown at Teeside, and Doncaster/Sheffield is struggling badly. More surprisingly London Southend Airport has been massively impacted too. Interesting article here
With weeds on the forecourt, a deserted Southend airport looks to the future - https://www.theguardian.com/world/2022/dec/28/with-weeds-on-the-tarmac-a-deserted-southend-airport-looks-to-the-future. London Southend had a lot going for it in my view.
To some extent the WG is conflicted in owning the airport. The main justification for public airport ownership is as an asset for the regional economy. However, most Low Cost airlines are geared to taking people overseas. It is difficult for the WG to justify investing in airlines and routes which are taking people out of Wales. I am much more concerned about a strategy for scheduled services to important hubs and key cities. It is these kind of services which support business traffic and the development of the regional economy. By far the best example of this is the KLM route to Amsterdam. At its peak, KLM offered 4 services a day into Cardiff. The KLM business model was built on positioning Amsterdam as a hub linking regional cities which could never justify a point to point (direct service). So, through Amsterdam Cardiff was connected to the world. I used to use the service a lot. Much better than driving to Heathrow. Such routes depend on regular, timely and frequent flights, so business people can always be assured they can use them.
This ideally means a minimum of a double daily service - morning and evening - every day of the week. I would focus on building the case for double daily to Dublin (linking to Aer Lingus' worldwide services. Same to Paris Brussels and Frankfurt or Munich linking with Air France / Brussels Air and Lufthansa respectively. Also double daily to Belfast, Glasgow and Edinburgh, Manchester - linking with key UK cities. The Qatar service would have been part of this strategy linking Cardiff to Asia Africa and Australasia through Doha. It's a real shame this has ended. Finally and most ambitiously would be a service to a US hub - but even Bristol and Birmingham has failed to sustain a service to the US. I would design the airport (and the supporting transport infrastructure) to be a blueprint for the modern secondary city airport. Although services to Glasgow / Edinburgh / Dublin and Edinburgh have returned, they are not frequent enough to build customer confidence and expand the business market. If Low Cost Airlines come along then that would be a bonus, but they should not be subsidized, unless they offer those double daily services to key airports.