Board and management changes at Vueling Airlines
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Continental Europe,
Vueling
(CAPA FREE) The Board of Vueling Airlines unanimously decided on 12-Nov-07 to appoint Josep Piqué as the airlines new independent Chairman.
Barbara Cassani, who has acted as Vueling’s Chairman since 24-Sep-07, will remain an independent member of the Board, while Dave Barger and Allen Custard have also stepped down from the Board. Joining the Board, representing Inversiones Hemisferio, are José Creuheras, José Lara and Jordi Fainé, Inversiones Hemisferio Chairman and General Managers, respectively.
Chief Executive and Co-Founder of the company, Carlos Muñoz, and the Chief Operating Officer and Co-founder, Lázaro Ros, resign from their executive roles as of 25-Nov-07, but will remain on the Board.
The Board will announce the new CEO shortly.
Vueling will hold an EGM on 26-Nov-07 to seek, among others points of the announced EGM agenda, shareholders approval of the new Board, and to reveal its new business plan for 2008.
Barbara Cassani said: “The composition of the new Board will ensure the fair representation of both our large and our small shareholders. The appointment of Josep Piqué as Chairman is a clear indication of the confidence we have in the airline’s future, and I am sure he will bring his skills and expertise to the benefit all of our shareholders. The return of Inversiones Hemisferio to the Board will also strengthen the company in the period ahead, whilst the continuing involvement of its founders ensures the company benefits from their experience and expertise.”
“Despite the challenges we have faced in recent months Vueling stands today as one of the lowest cost and fastest growing airlines in Europe. We have built a robust airline with a young fleet of 24 aircrafts flying more than six million passengers with a strong public following. We feel very proud of the last five years, and especially want to thank our 1300 employees for these unique achievements. We are also confident that Vueling has an excellent platform from which to move forward in what is undoubtedly a demanding European market. We will continue to contribute in every way we can to the development of the company from our role as shareholders, founders and Board members.”
Inversiones Hemisferio said: “We have great hopes for the future of Vueling. We strongly believe in the capabilities of the company, its employees and its future ahead. We would like to acknowledge the significant contribution that the cofounders, Carlos Muñoz and Lázaro Ros have made to the company. We are glad to be back to the Board. We have rejoined the Board with the compromise to increase the value of the company and seek, at all times, shareholders value”.
Josep Piqué said: “Becoming Vueling’s Chairman, if the shareholders approve my nomination on 26-Nov-07, is both a great responsibility and a great opportunity to demonstrate to shareholders and customers that Vueling has a bright future ahead.”
Date posted: 15-Nov-07
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Board and management changes at Vueling Airlines 
