Air Canada CEO to retire in February as carrier copes with COVID-19
Oct 16 (Reuters) - Air Canada'sAC.TO president and chief executive officer, Calin Rovinescu, will retire next February after 11 years in the top job, the company said on Friday, as the carrier grapples with historic turmoil in the airline industrytriggered by the coronavirus pandemic.
Deputy CEO and Chief Financial Officer Michael Rousseau will succeed Rovinescu upon his retirement, the airline said. (https://refini.tv/3k8aE5F)
Like carriers around the world, Canada's largest airline has been hard-hit by strict travel restrictions and slumping passenger traffic amid the pandemic, although the airline has raised around C$6 billion ($4.55 billion) of incremental liquidity.
"While COVID-19 has decimated the global airline industry, fortunately we entered the pandemic much healthier than almost any other airline in the world as a result of our strong balance sheet, track record and engaged workforce,” Rovinescu said in a statement.
Rovinescu served as an outspoken advocate to secure aid from the Canadian government for the country's airline industry, although no specific package has yet been announced. He also led the company through a deal to acquire Canadian leisure group Transat A.T.
Air Canada shares were down 7 cents at C$15.45 in morning trade in Toronto.
($1 = 1.3201 Canadian dollars)
(Reporting by Shreyasee Raj; Editing by Ramakrishnan M. and Steve Orlofsky)
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