Air Canada announces Calin Rovinescu as President and CEO

Air Canada announces Calin Rovinescu as President and CEO.

MONTREAL, Mar 30, 2009 (Canada NewsWire via COMTEX) ----David Richardson, Chairman of the Board of Directors of Air Canada, today announced the resignation of Montie Brewer as President and Chief Executive Officer effective April 1, 2009. Calin Rovinescu, a former senior executive with the airline, will succeed Mr. Brewer as President and Chief Executive Officer.

"On behalf of the Board, I would like to express our sincere thanks to Montie for his contribution to Air Canada since joining the company in 2002," said Mr. Richardson. "Montie's leadership and dedication to Air Canada have been greatly appreciated by the Board of Directors and the entire Air Canada family. During his tenure, the airline has become recognized as an innovation leader and has significantly improved its product offering."

"I am also delighted to welcome Calin Rovinescu as Air Canada's new CEO," added Mr. Richardson. "Calin is no stranger to Air Canada having been a senior member of the executive team from 2000 to 2004. Calin's reputation as a proven leader and his wealth of experience in corporate strategy will serve Air Canada well during this particularly challenging period for the world's airline industry."

Mr. Brewer added, "I am very proud of the Air Canada team for its accomplishments over the past four years positioning Air Canada as an industry leader in product innovation. It has been an honour to lead this great airline and I am confident Calin is the right person to take the company forward at this time."

Mr. Rovinescu will also assume Mr. Brewer's seat on the corporation's Board of Directors.

Air Canada also announced the addition of Michael Green to the Board of Directors effective immediately. Mr. Green is the lead director of ACE Aviation Holdings Inc.

Mr. Rovinescu concluded "While the challenges in front of us are large, we will continue to build upon the successes of the airline to date and deliver a quality product for our customers, employees and shareholders."

Note to Editors: Biographical notes on Mr. Rovinescu follow:

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PROFILE OF CALIN ROVINESCU

Co-founder and principal of Genuity Capital Markets, a leading Canadian investment bank. Previously, a senior executive and chief restructuring officer with broad responsibilities at Air Canada. Before that, the Managing Partner at Stikeman, Elliott one of Canada's pre-eminent international law firms.

PROFESSIONAL EXPERIENCE

GENUITY CAPITAL MARKETS 2004 - Current

Co-founder and senior principal

Co-founder and senior Principal of Genuity Capital Markets, one of Canada's leading independent investment banks serving institutional and corporate clients through offices in Toronto, Montreal, Calgary, Vancouver, Boston and New York. Serves on the firm's Executive and Investment Committees.

Since the formation of Genuity, has led several M&A, restructuring and financing transactions for companies or lead investors/private equity sponsors in many industries. Has worked closely with many of the large institutional investors and banks in Canada and the U.S.

AIR CANADA 2000-2004

Executive Vice President, Corporate Development & Strategy

Was a senior officer of Air Canada and a member of the airline's Executive Committee, reporting to the President and CEO. Between 2000 and 2003, was the Chairman of, and had oversight for, many of Air Canada's businesses: loyalty management (Aeroplan), regional carriers (Jazz), on-line booking engine (Destina), low cost carrier (Zip) and maintenance (ACTS: 1.56, 0, 0%). In addition, corporate functions that reported to him included: Legal, Information Technology, E-Commerce, People, Labour, Government Affairs, Communications, Alliances and Corporate Secretariat. Designed Air Canada's corporatization business model and subsidiary carve-out strategy for Aeroplan, Jazz and ACTS, which subsequently surfaced significant shareholder value. In addition, Mr. Rovinescu held the position of Chief Restructuring Officer during the airline's restructuring. In this role, he worked closely with the Board of Directors and its various committees, the Ontario Supreme Court and the various financial, legal and pension advisors to Air Canada and its various stakeholders.

STIKEMAN, ELLIOTT 1979 - 2000

Managing Partner

From 1996 to 2000, was the Managing Partner of the law firm Stikeman Elliott in Montreal and a member of the Firm's Partnership Board and Executive Committee. Stikeman, Elliott is one of Canada's leading international business law firms. From 1993 to 1996, he was the senior resident principal in the Firm's London office and prior to that, he was the Chair of the Firm's corporate/commercial section in Montreal.

While at Stikeman Elliott, he advised major enterprises in Canada, the U.S. and Europe on complex public and private financings, merger and acquisition transactions, privatizations and restructurings, through transactions that were both friendly and hostile.

As Managing Partner, led a strategic overhaul and generational transition at the law firm, with a focus on domestic and international business law.

While in London, advised European corporations (including Central European emerging companies) on international transactions in many industries, including energy, telecommunications and media.

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EDUCATIONAL BACKGROUND; AFFILIATIONS

D.E.C., McGill University 1974
LL.L, University of Montreal 1978
LL.B, University of Ottawa 1980
Quebec Bar 1979
Law Society of Upper Canada (Ontario) 1984
Canadian Securities Institute 2005
(Partners/Directors/Senior Officers)
>>



OTHER PROFESSIONAL ACTIVITIES

Has served on the Boards of several public and private corporations and charitable organizations, including various Air Canada subsidiaries; Emergis Inc. (formerly BCE Emergis - electronic commerce/healthcare); Bellus Inc. (formerly Neurochem - biotech); Skyservice Business Aviation, Antisoma PLC, McGill University Health Center (MUHC - hospitals); and the Montreal Chamber Orchestra (chair).


THE CANADIAN PRESS

MONTREAL - Air Canada (TSX:AC.B) announced Monday the resignation of Montie Brewer as president and chief executive and named Calin Rovinescu, a former Air Canada executive who played a key role in the airline's court-supervised restructuring, as his replacement.

30/03/2009 9:33:00 PM

THE CANADIAN PRESS

Rovinescu, who takeover effective Wednesday, will also assume Brewer's seat on the airline's board of directors.

"Calin's reputation as a proven leader and his wealth of experience in corporate strategy will serve Air Canada well during this particularly challenging period for the world's airline industry," Air Canada chairman David Richardson said in a statement. A lawyer by training, Rovinescu had been managing partner of the Stikeman, Elliot law firm in Montreal before joining the airline in April 2000 as executive vice-president of corporate development and strategy.

He later became chief restructuring officer before resigning in April 2004 in the middle of the airline's restructuring.

"While the challenges in front of us are large, we will continue to build upon the successes of the airline to date and deliver a quality product for our customers, employees and shareholders," Rovinescu said in a statement.

Rovinescu rejoins Air Canada from Genuity Capital Markets, an independent investment banking firm he helped found.

Air Canada also announced Monday the addition of Michael Green, lead director of ACE Aviation Holdings Inc. (TSX:ACE.B), to the airline's board of directors effective immediately.

Air Canada shares closed down three cents at $1.15 on the Toronto Stock Exchange on Monday.

Rovinescu takes over at a difficult time for the airline.

Canada's largest airline has said it expects to reduce capacity by another 2.5 to 3.5 per cent this year, on top of the nine to 10.5 per cent reduction during the winter season.

It is also aiming to cut another $100 million of costs on top of $20 million to $40 million in supplier concessions.

Last month, Air Canada reported a net loss of $1.03 billion or $10.25 per diluted share for 2008 compared with a profit of $429 million or $4.27 per diluted share in 2007. Operating revenue totalled $11.08 billion for 2008, up from $10.65 billion.








Stie cineva daca s-a nascut in romania??, stiu ca s-a dus la McGill din'70


Poate unele zboruri directe la OTP??!! de la YYZ, sau YVR??

Multumesc pentru stire DIESEL!
Acum mi-ai dat de lucru... vreau sa scriu despre tipul asta la rubrica noastra Romani in lume
Multumesc frumos!
Chiar pe tine si pe Vio v-ar tenta sa aveti povestea publicata? E o rubrica despre povestile de succes ale romanilor stabiliti in afara.

Dap, este nascut in Romania

Binenteles cand am citit titlul era clar o gogoasa de 1 aprilie.Vad acolo ca ala va fi inlocuit in 1 aprilie si asta e dubios ,iar apoi voi sunteti destul de seriosi in discutii pe aici deci nu stiu ce sa cred.Trebuie sa investighez pe cont propriu

Ced ca nu e chiar o gluma. Din cate vad, stirea apare in majoritatea ziarelor/site-urilor de stiri canadiene.

claudiup a scris:

Multumesc pentru stire DIESEL!
Acum mi-ai dat de lucru... vreau sa scriu despre tipul asta la rubrica noastra Romani in lume
Multumesc frumos!
Chiar pe tine si pe Vio v-ar tenta sa aveti povestea publicata? E o rubrica despre povestile de succes ale romanilor stabiliti in afara.

Desigur. Ar fi fain sa scri de domnul Rovinescu.

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Nu e deloc gluma faza ca el ca si presedintele la Air Canada. Poate acum va baga si el non-stop service YYZ-OTP cu un Boeing 777, ce ziceti? Ar fi fain nu? Eu ma bag voluntar ca F/O *DREAMS*

http://aircanada.com/en/about/media/bio/Rovinescu.html


Biography Calin Rovinescu!

Sper ca ele fac acest zbor pentru vara din 2010!

Mi-ar placea sa vorbescu cu First Officer cind ajungem la OTP!!

Titlu: Air Canada CEO Sees Recovery In Early Stages
Sursa: http://news.airwise.com/story/view/1269641604.html
Autor: Reuters
Data: 26/03/2010

Citat :

Air Canada chief executive Calin Rovinescu said on Friday he's beginning to see signs of a recovery for the North American airline industry as cargo volumes rise.

Rovinescu, who heads Canada's largest airline, said Air Canada is seeing stronger demand for cargo services, which, he said, is a key indicator that an economic recovery has begun.

"We've seen some encouraging news from the cargo environment," Rovinescu told reporters. "We are seeing a marked improvement over last year and generally cargo tends to be the bellwether indicator that the recovery is starting."

Air Canada was struggling financially when Rovinescu took over as the carrier's chief executive last April. Indeed some reports speculated the airline might need to file for bankruptcy protection.

Since he took the helm, Rovinescu has strengthened Air Canada's liquidity position, lined up equity funding, won support for deferring pension payments while cutting both capacity and costs.

While he's not ready to declare a recovery, saying the airline industry still faced a weak market, he said conditions were much improved over the past 12 months. But business travel -- which generates most of the airline's profit -- has yet to rebound.

"Businesses tend to need to recover first before... airlines that cater to businesses start seeing the recovery," he said.

Rovinescu also commented on the performance of his company's shares. Air Canada's class B shares fell 11 Canadian cents to CD$2.10 on the Toronto Stock Exchange on Friday. However the stock is nearly triple its 52-week low of 73 Canadian cents and is up by two-thirds since the start of the year.

"We've probably had... since the beginning of this year, the strongest share performance among the North American carriers," he said. "We started from a much lower point. Last year the airline traded on... some of the cash and liquidity risks. Now that those are largely behind and we've started to see a rebound in the stock price."