airBaltic CEO quits

Victoria
By Victoria October 5, 2011 07:59

airBaltic CEO quits

The chief executive officer of Latvian carrier airBaltic, Bertolt Flick, has announced he is stepping under the terms of a new rescue deal with the government. “The last few months have been very difficult for our company,” said Flick in a statement. “For a long period of time, necessary decisions by the shareholders had not been taken until the situation was resolved. “As an owner and for the sake of airBaltic, I have agreed to step down, as the agreement between the shareholders so requires, for the future of the airline.” On Monday, the government and airBaltic’s management agreed a deal to refinance the airline with private shareholders, which included a $189-million injection from the government and the minority owner, Flick’s Baltic Aviation System (BAS).

Victoria
By Victoria October 5, 2011 07:59
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