Cargolux confirms Qatar exit as chairman also resigns

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Luxembourg freight carrier Cargolux has confirmed that Qatar Airways intends to sell its 35% shareholding in the airline.

Also exiting the business is chairman Albert Wildgen, who will step down at the next board meeting on 30 November, says Cargolux. Wildgen was appointed to the post on 8 September 2011.

However, the carrier's shareholders have "confirmed their full confidence and support" of interim president and chief executive Richard Forson and his management team.

Forson and his team will continue with a "difficult phase of restructuring", it says, in order to better position Cargolux for the future.

"There are many significant challenges facing Cargolux and the shareholders remain committed to implementing those actions that will ensure it long term sustainability," it says.