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The resignation of Hernán Rincón as president of Avianca Holdings gave rise to a series of rumors about the reasons, different from the personal reasons, that he had retired.
The chairman of the board of directors of the company and its main shareholder, Germán Efromovich, badures that there was no reason, to his knowledge, other than Rincon's desire to return to the United States. United.
The manager claims that Avvianca is not in crisis because the high level of debt comes from Sinergy, to which Avianca Holdings belongs, and it is for this reason that measures of weight loss and adjustment have been taken. .
What's happening to Avianca?
Nothing Hernán Rincón has resigned, we accept his resignation and life goes on.
Is not it true that the resignation was suggested by United Airlines?
United does not interfere with the management of Avianca.
But he is on the board of directors …
He is not part of the board of directors. Our governance has been strengthened and a new executive committee of three independent members has been created. United is present, but as an observer of the board, without the right to vote.
As a creditor from Sinergy, United is keen to see Avianca doing well, because if Avianca is doing well, they will receive a refund of their loan. It was we who invited a United manager to attend the meeting and had an opinion only on request.
What debt does Avianca have with United?
Avianca, none. The debt is Sinergy.
What debt?
A $ 450 million debt borrowed from United and pledged as collateral. It's public.
¿Will there be rate increases to increase the utility?
Rates are regulated by the market. Colombia has an open market and there is competition.
Today, we are competing with low cost fares and if we decide to pay off debt by raising fares, we will lose customer loyalty and choose the other option. they grow up, and we do not. It would not be an intelligent measure.
Hernán Rincón has resigned, we accept his resignation and life goes on
¿This high debt has nothing to do with the resignation of Rincón?
Not at all.
But his later statements show that he had not planned to resign because he regretted not having been in business during the centenary of December, which would indicate that his resignation had not been not voluntary, but suggested …
He sent a letter of resignation, alleging only personal reasons. If there were any other reasons, he did not tell me.
But we do not understand how the resignation happens in the morning and in the afternoon, a headhunting company is hired to find his successor …
It's not like that. We are a publicly traded company and we must pay close attention to publications that could affect us on the stock market. Therefore, any relevant communication is published when the fact is accomplished.
So what happened?
That his intention to retire was not yesterday or antier. The event was only officially done on Tuesday, yes. But that does not mean that there was no previous conversation in this direction.
But the nostalgia felt by Rincón for not being able to attend the celebration of 100 years contradicts the claim that his retirement was voluntary …
If your question sounds like speculation, let's speculate. For example, I can be in love with a girl and for any reason, either because of family pressure, or because we have different visions, or because the girl likes one. other, I decide not to interfere in my thoughts I do This, I repeat, is a speculation.
Moreover, I understand that Hernán made no statement on this nostalgic subject.
¿Avianca is adjusting?
Yes
Did Rincon lead this adjustment?
Yes, extraordinarily well.
And how is it possible to change pilot in full flight?
If the pilot gets sick, there is the co-pilot; there is replacement. The flight does not only depend on the pilot, it depends on the control tower, the aircraft, it depends on the crew and the security.
The pilot is a leader and we want to know if we replace him not for another one, but for some kind of orchestra conductor who forces all musicians to play their instrument with harmony.
Are you going to take advantage of Rincon's resignation to hire the director of orchestra you're talking about?
With his retirement, there is a big loss. We will try to replace it in the best possible way. But if you ask if this will have an impact on operations, performance, performance, etc., no sir.
Avianca has announced that it has hired a consulting center to recommend candidates. What conditions must this candidate have?
What we decided at my meeting was that we could have two figures. One, the CEO, runs the entire company and the other, the chairman. Many companies have this form.
With his retirement, there is a big loss. We will try to replace it in the best possible way
So, look for two?
This has not been defined. For the moment, only the CEO is wanted. Someone who has previous experience as a CEO, minimum of ten years, in an airline the size of Avianca, or more.
Why do you want that?
Because we want to improve efficiency and have a vision of other companies on the planet.
It will not be Colombian?
It may be Colombian, if there is a Colombian with these characteristics.
Look at: Avianca's decision to sell all the companies that are not related to aviation, canceling the order of 17 aircraft, postponing the purchase of 35 other aircraft or the exit of unprofitable routes are not reasons to restructure the company's driving?
No, it's the opposite. These are reasons to say "bravo, you make decisions to improve performance, focus your business, whether it's aviation, freight transportation and loyalty with LifeMiles, quit the market that doesn is not essential to be able to focus important
But all these reasons show Avianca in crisis …
No. Avianca is at the moment of adjustment, of the transformation of the company.
I do not speak of danger. It's like when a person has an illness that is not life-threatening …
Avianca has a cold, perhaps, because of the damage caused by unemployment. We will take medicine to cure the cold.
What is the cold?
We must rise to the challenge of moving from a growth model to one that focuses on profitability and efficiency, in order to provide greater liquidity and less leverage. The flu comes from a series of events, including the illegal cessation that cost us $ 360 million. To prevent this from becoming a crisis, we made the following decisions: postpone investments, postpone growth, review unprofitable routes, sell the Embraer fleet, renegotiate the Airbus order and sell the aircraft. non-strategic badets. But Avianca is not in crisis, it is restructuring to strengthen its position.
Does not the current debt lead to the crisis?
No, because we take preventive measures so that it does not happen.
Among other things, the change of pilot of the ship?
No sir. This was not in the plan of adaptation.
But does it make it easier?
No, because the pilot of the ship was not the problem and could lead to the solution already designed. We are piloting the ship to avoid storm clouds.
And, to avoid them, measures are taken …
Yes, and it is normal in any organization, in any company. All necessary measures are taken.
Will the strategy change?
The new CEO will follow this strategy. It will not invent anything: move from growth to profitability and operational efficiency.
Can you state clearly that Avianca is not in crisis?
Avianca is in the process of transformation, readjustment, accommodation, depending on the events that have occurred. He reacts to avoid getting into a serious crisis problem.
Will the alliance with United be consolidated?
Yes, logical We are expanding our strategic and commercial agreement. But that, to be a reality and get into business, it has to go through the corresponding regulatory approvals of each country. We are in that.
YAMID AMAT
SPECIAL FOR TIME
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