Thursday, April 27, 2017

Etihad names new CEO for equity investments

NEWS FLASH


The Etihad Aviation Group has named Robin Kamark as the new CEO for Airline Equity Partners. Mr Kamark will be responsible for leading and developing the group’s minority equity investment strategy, which includes stakes in Air Serbia, Air Berlin, Alitalia, Jet Airways, Air Seychelles, Etihad Regional and Virgin Australia. The biggest existing problem in Etihad’s partner portfolio is Alitalia, which is seeking a financial bailout following continued heavy losses. Etihad has a 49% stake in the Italian airline. Germany’s Air Berlin also has significant problems. Mr Kamark will report to group President and CEO James Hogan, and takes over from Bruno Matheu, who is leaving the post for personal reasons. Mr Kamark rose through a succession of strategy, commercial and general manager roles at SAS Scandinavian Airlines, where he became CCO. For the last five years, he has been the Executive Vice President and CCO of Storebrand, a Nordic financial services business. “Robin is a well-respected leader in global aviation, with wide-ranging experience at SAS Group. He performed important roles in the restructuring of that airline and has broadened his experience more recently in financial services”, Etihad Aviation Group Chairman, Mohamed Mubarak Fadhel Al Mazrouei, said. He added, “Our equity partner strategy continues to be an important element of our business model, and Robin will drive the strategy by adjusting and progressing our approach. We would like to thank Bruno for his sterling efforts over the last two-and-a-half years, as we have built and consolidated our equity partner approach”, he said. Mr Kamark will take up his new position in October 2017.

Etihad Airways said in late December it was “fully committed” to its 49% stake in Air Serbia following reports the Emirati carrier was considering reducing its share in the airline. “Speculation about a change to Etihad Aviation Group’s investment in and support for its equity partner, Air Serbia, is totally inaccurate and wholly unfounded. Etihad is and remains fully committed to Air Serbia and to the strategic partnership with Air Serbia’s majority owner, the Government of Serbia”, the Etihad Aviation Group said in a statement. It added, “Since its relaunch, just over three years ago, Serbia’s national airline has been transformed into a profitable, sustainable, and best-in-class, airline”. Last month, Mr Hogan noted, "When I look at the roadmap going forward with Air Serbia, I think it is a good work in progress. Our partnership is long-term and the investment is long-term. So we are here to stay".

16 comments:

  1. "Bruno Matheu, who is leaving the post for personal reasons"

    LOL, i love this sacking explanations

    ReplyDelete
    Replies
    1. With Etihad it seems to always be "Bruno Matheu, who is leaving the post for personal reasons." I'm sure Hogan is doing it for the same reasons.

      They should have added "to spend more time with his wife and family." That would have been quite fitting considering that they've milked Etihad of millions of dollars for their "sterling" but ultimately failed efforts.

      Delete
  2. let's see what others are writting while AZ is filing for bankruptcy

    "Alitalia’s death spiral is the first blow in a devastating one-two punch to Gulf airline Etihad, which owns a 49-percent stake in the Italian airline. The second hit will come from Air Berlin, Etihad’s largest European subsidiary, when it posts its earnings on Thursday. In 2016, the airline hemorrhaged €477 million.

    “The developments at Alitalia and Air Berlin demonstrate that there is no way for Etihad to get around a change of its Europe strategy,” Gerald Wissel, an analyst at the firm Airborne Consulting, told Handelsblatt."

    ReplyDelete
    Replies
    1. Alitalia has been saved (as expected). Italian government has agreed to finance it until a new partner is found.

      Delete
    2. where's the source on that. all that i can find is that the state will put in an administrator to lead the company and try to sell it or liquidate it.

      Delete
    3. http://www.foxnews.com/world/2017/04/26/italy-prepares-bridge-loan-to-keep-alitalia-flying.html

      Delete
    4. that's bridge financing that will keep them afloat for next 6m. what after that?
      italy will cough up 800mil every year for them?

      Delete
    5. Well the idea is they will find a new partner by then.

      Delete
    6. the question is - will there will be anyone willing to take them?

      Delete
    7. True. It will be very difficult. Minister said he expects a Lufthansa takeover but LH denied. Anyway without doubt the worst Etihad investment.

      Delete
    8. oh that was funny situation! yesterday italy's minister said that he wouldn't mind LH taking over (what an invitation!), just to get rejected by LH CFO this morning on LH Q1 results release :D

      Delete
    9. Well, MH wants to lease out atleast 8 widebody aircrafts by 2019 from AZ, so they will find solution, we just dont know how painfull will it be?

      *Fanatik

      Delete
    10. well, that solution could be as good as terminating the company. aim should be to keep the jobs in italy, leasing out a330s to MH would cut traffic and lower the jobs in italy.

      Delete
    11. The political situation in the EU might be enough to save Alitalia again. At least for the near term. I'm thinking the EU will be happy to not add more fuel to EUexits for now.

      Delete
    12. @petar čelik:
      Well, they had 25 widebody aircrafts, I am sure that they can figure it out the best thing with redt of widebodies if they lease out those 8 aircrafts

      *Fanatik

      Delete
  3. interestingly enough, when hogan announced his departure dane kondic sent an email to all JU staff praising bruno

    ReplyDelete

EX-YU Aviation News does not tolerate insults, excessive swearing, racist, homophobic or any other chauvinist remarks or provocative posts with the intention of creating further arguments. A full list of comment guidelines can be found here. Thank you for your cooperation.