Air Canada chief executive officer Monte Brewer has resigned effective 1 April, succeeded by former carrier executive Calin Rovinescu.
Air Canada over the course of 2008 faced contributions to its pension plans and mounting liquidity problems as its cash balances fell during the first nine months of last year. In December alone the carrier brokered loan agreements with GE Capital Corporation for $195 million, and a one-year $100 million loan from the Canadian Imperial Bank of Commerce. It also garnered $78 million in financing from Caylon New York Branch and Norddeutsche Landesbank Girozentrale. Air Canada also in December of last year concluded an agreement with the management company of its Aeroplan loyalty programme to accelerate $70 million in payments by year-end.
Air Canada lost roughly $780 million in 2008 as its liquidity was C$1 billion, which Brewer previously highlighted as the minimum to keep the carrier in operations.
As Brewer exits Rovinescu returns to Air Canada after serving as the airlines EVP Corporate Development and Strategy from 2000-2004.
After his departure from Air Canada, Roveinescu founded Genuity Capital Markets, a Canadian independent investment bank working on several merger and acquisition restructuring deals and financing transactions.