MONTREAL, March 30 /CNW Telbec/ - 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
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
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:
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
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). 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
STIKEMAN, ELLIOTT 1979 - 2000
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.
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
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
For further information:
For further information: Isabelle Arthur (Montréal), (514) 422-5788;
Peter Fitzpatrick (Toronto), (416) 263-5576; Angela Mah (Vancouver), (604)