Cintra gains new chief

Economist Andr‚s Conesa will replace Rogelio Gasca Neri as Cintra's president as the holding company moves toward the merger and sale of Aeromexico-Mexicana and also Aerolitoral-Aerocaribe.

Conesa has already been involved as an adviser to Cintra in drafting plans for integration of its airlines. He is well known in Mexican financial circles, having held office within the Unit of Public Credit and as a director of two government departments under the secretary of public property. His familiarity in the financial community should help in the airline sale process.

The sale process will probably involve exchanging Cintra shares for new shares in the merged airlines. Various government agencies, who hold a total of about 85% of those shares, will then sell them through an initial public offering (IPO). The month of May and the second half of this year have both been mentioned as target dates.

Rogelio Gasca Neri is moving from Cintra to Aeromexico, where he is replacing Fernando Flores as managing director. Flores, who was managing director at Mexicana for many years, moved over to Aeromexico last March. Flores is now retiring. No announcement has been made about who will head the merged Aeromexico and Mexicana.

As part of Cintra's preliminary approval from Mexico's competition authority for the merger of these carriers, regional subsidiaries Aerocaribe and Aerolitoral will be merged into another unit.


Source: Airline Business