Shareholders at Vueling call for cull of bosses

10th October 2007, Comments 0 comments

10 October 2007, MADRID - (AFP) - The biggest shareholder in Spanish low-cost airline Vueling has called for a shareholders' meeting to sack "some or all" of the management of the struggling group, a statement from the shareholder showed on Wednesday.

10 October 2007

MADRID - (AFP) - The biggest shareholder in Spanish low-cost airline Vueling has called for a shareholders' meeting to sack "some or all" of the management of the struggling group, a statement from the shareholder showed on Wednesday.

Inversiones Hemisferio, which owns 15.87 percent of Vueling, wants an extraordinary general meeting (EGM) at which a motion to censure the board would be put to shareholders, a statement sent to market regulator CNMV showed.

Hemisferio is also seeking the replacement of "some or all" of the board and wants to discuss the group's economic situation.

At the end of September, US manager Barbara Cassani was appointed as new chairwoman after a series of resignations by four board members, including former chairman Jose Miguel Abad Silvestre.

Cassani is known for founding low-cost airline Go Fly under British Airways and being the chair during the first phase of London's successful bid for the 2012 Olympics.

Vueling has issued two profit warnings in the last few months as it struggles with high fuel prices and fierce competition between low-cost airlines in Europe.

It warned of a possible operating loss this year that could reach 10 million euros in the worst-case scenario.

[Copyright Expatica]

Subject: Spanish news

10 October 2007

MADRID - (AFP) - The biggest shareholder in Spanish low-cost airline Vueling has called for a shareholders' meeting to sack "some or all" of the management of the struggling group, a statement from the shareholder showed on Wednesday.

Inversiones Hemisferio, which owns 15.87 percent of Vueling, wants an extraordinary general meeting (EGM) at which a motion to censure the board would be put to shareholders, a statement sent to market regulator CNMV showed.

Hemisferio is also seeking the replacement of "some or all" of the board and wants to discuss the group's economic situation.

At the end of September, US manager Barbara Cassani was appointed as new chairwoman after a series of resignations by four board members, including former chairman Jose Miguel Abad Silvestre.

Cassani is known for founding low-cost airline Go Fly under British Airways and being the chair during the first phase of London's successful bid for the 2012 Olympics.

Vueling has issued two profit warnings in the last few months as it struggles with high fuel prices and fierce competition between low-cost airlines in Europe.

It warned of a possible operating loss this year that could reach 10 million euros in the worst-case scenario.

[Copyright Expatica]

Subject: Spanish news

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