Good Luck...

[ivanhoe]

Air Canada announces appointment of Calin Rovinescu as President & Chief Executive Officer; Michael Green appointed to Board of Directors
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
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.

[aroundthewing]

Going to try some Canadian blood again. Hope he has better luck then the last two!

[ivanhoe]

Going to try some Canadian blood again. Hope he has better luck then the last two!

Actually , I was addressing the AC employee groups with that title. They know him well. Calin Rovinescu plays hardball.

[Cam]

Damn...a friend in AC JUST told me this...I was going to post but....

[FL020]

GOOD F!#@%#!% luck....

We all know why he was here last time don't we......I can already see where the Jungle jet's are goin... Hope the Union has a good head on their shoulders. Who thinks the bargaining is gonna start up?

[tonysoprano]

Yeah. This guy will not be pleasant. But then again we weren't expecting a walk in the park no matter who is there. I see a strike or two this summer.

[chatman]

Calin's history

http://www.canadianbusiness.com/managin ... 6100_66100

[Machiavelli]

Within that article is this:

Milton, too, was impressed. He offered Rovinescu a job at the airline and a generous mandate to bring change to the 63-year-old former Crown corporation, which was by then in financial straits. Operating contracts were restructured, labour contracts redone and an offer to bail out the airline came in from Victor Li and his Trinity Time Investments. The deal, which would see Li put $650 million into Air Canada, eventually fell apart when the unions found out how much Rovinescu and Milton stood to make. (The equity-share compensation, 1% for Milton and 1% for Rovinescu, working out to roughly $20 million each, wasn't out of line with other deals in the industry, but the unions still balked.) "I was disappointed with the labour reaction," says Rovinescu. "To go in there and revamp the entire organization and do that without missing one pension or paycheque, without one aircraft being seized anywhere in the world and nearly $2 billion taken out of operating costs--it was a good outcome I was very proud of." Of course, with the combination of 9/11 and SARS, the Canadian airline industry was in a tailspin anyway, and Air Canada went into bankruptcy protection.

I don't know, but he may have an axe to grind...

[Jaques Strappe]

Here comes the wolf in sheep's clothing. I find this very interesting in light of the fact that ACE is now unable to complete it's planned wind down.

I wonder if Montie has been told to leave and ACE has placed Calin in his chair to extract that final pound of flesh they want so badly. He is not a savior nor a leader. He is nothing more than a butcher, here to carve up whatever else he can. This man's motives can not be trusted. He has demonstrated that already. This like the great train robbery all over again.

[ivanhoe]

Within that article is this:

Milton, too, was impressed. He offered Rovinescu a job at the airline and a generous mandate to bring change to the 63-year-old former Crown corporation, which was by then in financial straits. Operating contracts were restructured, labour contracts redone and an offer to bail out the airline came in from Victor Li and his Trinity Time Investments. The deal, which would see Li put $650 million into Air Canada, eventually fell apart when the unions found out how much Rovinescu and Milton stood to make. (The equity-share compensation, 1% for Milton and 1% for Rovinescu, working out to roughly $20 million each, wasn't out of line with other deals in the industry, but the unions still balked.) "I was disappointed with the labour reaction," says Rovinescu. "To go in there and revamp the entire organization and do that without missing one pension or paycheque, without one aircraft being seized anywhere in the world and nearly $2 billion taken out of operating costs--it was a good outcome I was very proud of." Of course, with the combination of 9/11 and SARS, the Canadian airline industry was in a tailspin anyway, and Air Canada went into bankruptcy protection.

I don't know, but he may have an axe to grind...

Mr. Rovinescu is a restructuring instrument. He has been brought in to do some serious slashing and burning , either in or out of CCAA. This guy is pragmatic and efficient. AC would be far better off now if his work had not been flushed down the toilet by union management during the first CCAA. It will be very interesting to see what he accomplishes this time around.

[FL020]

lost jobs, and a 10% paycut, if the Union doesn't stand up......

[Jaques Strappe]

Ivanhoe

You are right and in fact, after reading your post I have to agree with your comments regarding the Victor Li deal. I was livid that our union flushed the deal without even presenting it to the membership first. That led us to the relationship with the three headed dog and hurt the reputation and trust of the unions in a big way for me.

However, this man is hated probably more than Milton himself and it has been demonstrated that the employees could work for free, and these guys would simply pocket the proceeds. He will be seen as just another vulture. The books might look good when he has finished but the "airline" will be long gone unfortunately. I really hope I am wrong but I don't have that warm n fuzzy feeling.

[tonysoprano]

Many ways to look at this but one thing is for sure, if you're anyone but AC and looking to expand, the next little while will present you with great opportunities. Just when we thought we couldn't shrink anymore, just watch. Oh well, time to sell some toys.

[twinpratts]

Sorry to hear it guys...

[tonysoprano]

lost jobs, and a 10% paycut, if the Union doesn't stand up......

A very significant figure told me we will take this to the point of closing the doors and starting from scratch if we have to. Anything else will only fill the pockets of the vultures again. Sounds like our union is willing to stand up. We'll see.

[Dark Helmet]

I don't mean to add fuel to the fire, but were you guys not talikng about ACPA, or the AC unions should all get toghether and ask MB for his resignation, etc....

The new CEo may not ba all roses. I hate to say it but looks like you guys got your wish. Again not to ruffle any feathers but what were you expecting if Montie Left.

[c170b53]

For years I had a cartoon above my desk, it depicted Cal and Bob in a life raft and in the back round a AC 747 ditched in the ocean and passengers swimming for their lives. Bob is removing his boot and comments to Cal " I only got a soaker". Should have kept it

[Jaques Strappe]

Dark Helmet

I don't mean to add fuel to the fire, but were you guys not talikng about ACPA, or the AC unions should all get toghether and ask MB for his resignation, etc....

Yes you are absolutely correct and I for one was very vocal about Montie not being "the guy". In fact I compared him to Lamar Durette. I still believe that getting his resignation was a good thing, albeit a little late.

[Kosiw]

Another bad news article.

http://www.canadianbusiness.com/managin ... 0023_10023

[Old fella]

If, heaven forbid, Air Canada declared bankruptcy and decided to start over there is somebody else who will have to carry the shit can. That is Nav Canada of course as AC is its best source of revenue due its size and daily operations (domestic and international). The Federal Government will be forced into keeping the Nav Can operation afloat because they (NC) will be out a sizeable amount of revenue and the Air Navigation System (as I said way too many times) is the security of the country so it can’t/won’t fail. The Feds will be involved (translation money) no matter which way AC turns or doesn’t, no way around it.

[Brick Head]

I see nothing in a CCAA filing for ACE. They loose the 75% ownership they have.

Mr. Green from the ACE BOD was also part of the announcement yesterday. He is the lead on the ACE BOD and now part of the AC BOD.

I think this is ACE intervening to salvage their equity stake. Keep it going to eventually sell it. I don't know though. Rovenescu? Too much history. Bad distrustful history. The unions won't deal with him. Won't give him anything if they think it will just end up getting siphoned off to ACE.

His appointment seems way too problematic. The architect of the hiving out of assets from AC during the last CCAA. The guy that helped put AC where it is today is back for more? Back to ask for concessions to avoid ACE loosing AC to CCAA? What? Makes no seance. AC needs a cost reduction guy. Yes. But Calin?

Unless............

He has a buyer waiting in the wings. Does ACE have a buyer? Wanting certain cost cutting to take place before stepping up?

Calin brought in Victor Li last time. Hhmm.

On a related note. I see an announcement yesterday also about the EU open skies and relaxing foreign ownership rules

At any rate Calin and this new team are here for one reason IMO. Start swing the hatchet in an effort to stave of CCAA for AC. Keep AC a going concern so that it can be sold.

Hatchet men are never fun.

[Lost in Saigon]

lost jobs, and a 10% paycut, if the Union doesn't stand up......

A very significant figure told me we will take this to the point of closing the doors and starting from scratch if we have to. Anything else will only fill the pockets of the vultures again. Sounds like our union is willing to stand up. We'll see.

All the pilots I fly with agree that we gave WAY too much in the last CCAA. If they file CCAA again, I expect that there is no way they will get any more concessions from the pilot group.

I think we will all be better off to let the company fail this time. From the ashes will emerge one or more companies that will be worth working for.

NO MORE CONCESSIONS

[Jaques Strappe]

Yes, the pilots gave up way more than any other employee group during CCAA. Unfortunately, that was done to save the precious defined benefit pension plan. The one which people falsely think is a guaranteed annuity.

[chatman]

For years I had a cartoon above my desk, it depicted Cal and Bob in a life raft and in the back round a AC 747 ditched in the ocean and passengers swimming for their lives. Bob is removing his boot and comments to Cal " I only got a soaker". Should have kept it

http://www.airlinecrew.net/vbulletin/sh ... ?p=1436147

not sure how to show pic, but the pic is on that website

[Lost in Saigon]