Calin is retiring February 2021

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montado
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Calin is retiring February 2021

Post by montado »

https://www.bnnbloomberg.ca/air-canada- ... -1.1509127

Calin Rovinescu will be retiring and handing over the reigns to Michael Rousseau in the new year. I don’t think anyone was surprised, and I think he had been planning this for a while now.
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Daniel Cooper
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Re: Calin is retiring February 2021

Post by Daniel Cooper »

I really hope this Transat deal actually makes sense and is not part of some egotistical "legacy".
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rudder
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Re: Calin is retiring February 2021

Post by rudder »

Daniel Cooper wrote: Fri Oct 16, 2020 6:23 am I really hope this Transat deal actually makes sense and is not part of some egotistical "legacy".
For all intents and purposes, AC is getting TRZ for free. This is a partial stock swap transaction. The majority of TRZ debt is TS aircraft operating leases.

TRZ (not the airline) has property assets that can be sold.

CR wanted to take out a competitor and achieve incremental revenue growth much faster than possible organically. That dynamic has changed in the near term but when recovery eventually manifests itself AC will be returning to a better yield environment.

If ONEX had gotten its hands on TRZ, it would have had material and long lasting financial and market consequences for AC. And much like BBD, it is unlikely that either the Federal Liberals or QC Provincial government would have allowed TRZ to fail if left to it’s own devices.

TS will be a very small operation for the foreseeable future. I think that you can anticipate TS capacity being removed from the domestic network. There will be nominal recovery for TS for the summer 2021 TATL flying program. But I would expect TS have a significant presence in the winter 2021/2022 sun destination program for AC.
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TFTMB heavy
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Re: Calin is retiring February 2021

Post by TFTMB heavy »

rudder wrote: Fri Oct 16, 2020 6:46 am
Daniel Cooper wrote: Fri Oct 16, 2020 6:23 am I really hope this Transat deal actually makes sense and is not part of some egotistical "legacy".
For all intents and purposes, AC is getting TRZ for free. This is a partial stock swap transaction. The majority of TRZ debt is TS aircraft operating leases.

TRZ (not the airline) has property assets that can be sold.

CR wanted to take out a competitor and achieve incremental revenue growth much faster than possible organically. That dynamic has changed in the near term but when recovery eventually manifests itself AC will be returning to a better yield environment.

If ONEX had gotten its hands on TRZ, it would have had material and long lasting financial and market consequences for AC. And much like BBD, it is unlikely that either the Federal Liberals or QC Provincial government would have allowed TRZ to fail if left to it’s own devices.

TS will be a very small operation for the foreseeable future. I think that you can anticipate TS capacity being removed from the domestic network. There will be nominal recovery for TS for the summer 2021 TATL flying program. But I would expect TS have a significant presence in the winter 2021/2022 sun destination program for AC.
With Rouge being removed from the TA market I see the 321LR being deployed to smaller European markets and supporting the wide bodies on bigger markets to offer daily service. Without Rouge competition on these smaller markets frequencies can be increased to daily or near daily.

TS and Ac have very similar market shares on sun destinations and the TA markets, this acquisition basically doubles the potential recovery for AC.

AC is still a target for other major airlines that have had government support, even with all the raised capital they need butts in seats and TS can provide that.
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98 Corolla
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Re: Calin is retiring February 2021

Post by 98 Corolla »

The good news is if the regulators start making big demands the new guy is more likely to just walk away from the deal. This isn't his baby.
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47north
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Re: Calin is retiring February 2021

Post by 47north »

98 Corolla wrote: Fri Oct 16, 2020 9:53 am The good news is if the regulators start making big demands the new guy is more likely to just walk away from the deal. This isn't his baby.
Rousseau has been involved with this deal from the beginning. It's as much his baby as Calin's.
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RippleRock
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Re: Calin is retiring February 2021

Post by RippleRock »

I wish him a happy and long retirement. He was an asset to the AC Shareholder. Pilot profession not so much.


While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.
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Ratherbe
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Re: Calin is retiring February 2021

Post by Ratherbe »

[/quote]
AC is still a target for other major airlines that have had government support, even with all the raised capital they need butts in seats and TS can provide that.
[/quote]

Yes that’s next at some point. However, it’s limited to the 49% ownership rule.
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Re: Calin is retiring February 2021

Post by TFTMB heavy »

Ratherbe wrote: Fri Oct 16, 2020 4:16 pm
AC is still a target for other major airlines that have had government support, even with all the raised capital they need butts in seats and TS can provide that.
[/quote]

Yes that’s next at some point. However, it’s limited to the 49% ownership rule.
[/quote]

I don't mean that AC is an acquisition target for other airlines. I mean they are a target as a competitor and to battle with the big airlines AC must grow.
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tony ledsham
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Re: Calin is retiring February 2021

Post by tony ledsham »

There's an elephant in the room. What about the TS pilots? Is it really fair to do a ratio integration with them, while we have hundreds of AC pilots furloughed, some of which came from TS?

How much did Calin walk away with? How much is his DB pension? He's an M&A lawyer, by trade. Anyone have any good lawyer jokes?
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mijbil
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Re: Calin is retiring February 2021

Post by mijbil »

Why don't sharks eat lawyers?

Professional courtesy.
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Rooster69
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Re: Calin is retiring February 2021

Post by Rooster69 »

tony ledsham wrote: Fri Oct 16, 2020 9:00 pm There's an elephant in the room. What about the TS pilots? Is it really fair to do a ratio integration with them, while we have hundreds of AC pilots furloughed, some of which came from TS?

How much did Calin walk away with? How much is his DB pension? He's an M&A lawyer, by trade. Anyone have any good lawyer jokes?


He is retiring. His DB pension is what he negotiated. He is walking away with whatever he earned and negotiated.

What elephant? Fair! Ha! Fair has nothing to do with anything. You get what you negotiate.
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pilotbzh
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Re: Calin is retiring February 2021

Post by pilotbzh »

His DB was negotiated in 2018 at 750k/year.... good think he’s put away a few millions during his times at AC, life is so expensive these days :roll:
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Re: Calin is retiring February 2021

Post by Dh8Classic »

pilotbzh wrote: Sat Oct 17, 2020 2:56 pm His DB was negotiated in 2018 at 750k/year.... good think he’s put away a few millions during his times at AC, life is so expensive these days :roll:
RippleRock wrote: Fri Oct 16, 2020 3:22 pm I wish him a happy and long retirement. He was an asset to the AC Shareholder. Pilot profession not so much.

While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.

Isn't he the guy that saved the company from its path to bankruptcy. How much is that worth to your pay over your career with them.

I suppose there are some who are arrogant enough to think that the taxpayer is their backstop so a shutdown should never happen.

Perhaps a Thank You letter would be appropriate.
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RippleRock
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Re: Calin is retiring February 2021

Post by RippleRock »

Dh8Classic wrote: Sat Oct 17, 2020 7:11 pm
pilotbzh wrote: Sat Oct 17, 2020 2:56 pm His DB was negotiated in 2018 at 750k/year.... good think he’s put away a few millions during his times at AC, life is so expensive these days :roll:
RippleRock wrote: Fri Oct 16, 2020 3:22 pm I wish him a happy and long retirement. He was an asset to the AC Shareholder. Pilot profession not so much.

While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.

Isn't he the guy that saved the company from its path to bankruptcy. How much is that worth to your pay over your career with them.

I suppose there are some who are arrogant enough to think that the taxpayer is their backstop so a shutdown should never happen.

Perhaps a Thank You letter would be appropriate.

Oh Jeezzuz here we go.

Do you have any idea what his total compensation package was? I doubt alturism was his driver. Good on him though, he took us along for the ride. Every employee would have been cut loose if we were not necessary for the operation to function. Good business practices include fat trimming.

The pilot group was dragged through FOS by him working behind closed doors with Lisa Raitt and the Conservative government. We were locked-out (or notice to do so given) Was it necessary? NOPE. But he proved a point, and we have been living with a substandard contract ever since. We have lost hundreds of millions in WACON under his watch, entire aircraft categories, pension indexing, limited course rights, DB pensions for new hires, "B" Scale wages. The result is the most divided Membership since the history of the Companies formation in 1939. Still paying 1.5% into an overflowing pension fund? Why? Because we can be made to--no other reason. Has AC been better off with Rouge? Do a cost analysis of running two separate OC's. Rouge is about fracturing the unity of ACPA and CUPE and playing Mainline and Rouge off on one another. In that regard it was a "masterstroke", but for FA's and pilots, it was the worst thing that could have ever happened. I could go on at nausium about how far we have fallen as a group since 2009. Is Jazz a better place to work since 2009? How about all that has gone on with Sky since then? How many families have lost sleep due to the nonsense that has gone on at the regional level, all to undermine Jazz?

Was the Company saved? Not likely, as the economy has been booming since 2011. Do your homework about what AC takes from the Government, or would have taken. (It all gets paid back with interest) Did he drive the share price higher than any other CEO? Likely. Not that that matters now anyway.

What do you think?

I'm not blaming the guy one bit---he did his job. He is a master, and we were outplayed, severely. It was his job to extract every dime in concessions as he possibly could from the employee groups. It was ACPA's job to protect what we had left after the drubbing we took in 2003 during CCAA. EPIC FAIL.

We were beneficiaries of a healthier company by association and necessity to it's function, not by a kind act.

Good on him for doing his job well. But I will not thank him.
Do I respect him? 100% He is a business ICON, no doubt.
I think respect is all he would ask of us anyway.
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RippleRock
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Re: Calin is retiring February 2021

Post by RippleRock »

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Ki-ll
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Re: Calin is retiring February 2021

Post by Ki-ll »

It was conveyed by Company representatives that the CEO had to obtain Board approval to provide approval for TA1 and was challenged when he did so. The CEO used his influence and pressed his Board to provide support for the TA1 with the expectation that the Members of ACPA would accept the agreement.
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Re: Calin is retiring February 2021

Post by AirportCoffee »

RippleRock wrote: Fri Oct 16, 2020 3:22 pm While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.
I agree with Ripple. I'm not sure why pilots on this forum idolize Calin as much as they do. If it was up to him, the entire roster would be on a substantially lower payscale. At the end of the day, we're all disposable in his eyes.
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Kosiw
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Re: Calin is retiring February 2021

Post by Kosiw »

AirportCoffee wrote: Sun Oct 18, 2020 7:52 am
RippleRock wrote: Fri Oct 16, 2020 3:22 pm While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.
I agree with Ripple. I'm not sure why pilots on this forum idolize Calin as much as they do. If it was up to him, the entire roster would be on a substantially lower payscale. At the end of the day, we're all disposable in his eyes.
Stockholm Syndrome :wink:
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Re: Calin is retiring February 2021

Post by flashheart »

Dh8Classic wrote: Sat Oct 17, 2020 7:11 pm
pilotbzh wrote: Sat Oct 17, 2020 2:56 pm His DB was negotiated in 2018 at 750k/year.... good think he’s put away a few millions during his times at AC, life is so expensive these days :roll:
RippleRock wrote: Fri Oct 16, 2020 3:22 pm I wish him a happy and long retirement. He was an asset to the AC Shareholder. Pilot profession not so much.

While I'm sure he "appreciated us" and all our "contributions" to the success of the share price, we were never respected. We exposed our "professional underbelly" far more than any CEO should have ever seen it in a lifetime, let alone a single decade.

Isn't he the guy that saved the company from its path to bankruptcy. How much is that worth to your pay over your career with them.

I suppose there are some who are arrogant enough to think that the taxpayer is their backstop so a shutdown should never happen.

Perhaps a Thank You letter would be appropriate.
Dear Calin,

I just want to thank you for doing your job. I know you took a paycut and I know how difficult it is to survive on millions.

Anyhow, all the best in retirement and great move on the 4 years flat pay for international airline pilots! I was happy to donate personally to the growth of the airline. Just don't tell my wife!!

Cheers

AC Fanboy & Hopeful Manager Oneday

PS ACPA is GREAT!
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