New Varig CEO
Former telecom executive Henrique Neves has taken the
helm at Latin America's largest airline. CEO Carlos Luiz
Martins, who had guided Varig since August 2003, and Finance
Director Luiz Fernando Wellisch announced their departures in
early May following the election of a new board at the airline,
which closed last year with debt of $2.2 billion. The Brazilian
carrier has lost domestic market share to TAM and low-cost
airline Gol, and the government, which is Varig's biggest
creditor, announced earlier this year that it would not bail it
out. Neves is ex-president of regional telephone company Brasil
Telecom and a one-time director at Shell Brazil. Varig's new
chairman is David Sylbersztajn, a former head of Brazil's oil
regulatory entity, the National Petroleum Agency. He replaced
Joaquim Fernandes dos Santos, who left after 50 years with the
Casseb Joins Coinbra
Cássio Casseb, who last year resigned...
Already have an account?
Subscribe now for unlimited access to all current and archive news, data and market analysis.
Take a free two-week trial now for the latest news, data and market analysis.