- Push-out Score determined
- After almost 12 years in the position
- Accolades, praise and thanks for Rovinescu
- Mike Rousseau taking over
- Rovinescu made a lengthy statement and said 473 words
(exechange) — Montreal, Québec, Canada, October 16, 2020 — Calin Rovinescu, chief executive of Air Canada, leaves. As announced by Air Canada in a news release on Friday, October 16, 2020, Calin Rovinescu leaves his post as chief executive officer at the largest airline of Canada after almost 12 years in the role, effective February 15, 2021.
Calin Rovinescu’s duties as CEO will be taken over by Michael (Mike) Rousseau, currently Deputy Chief Executive Officer and Chief Financial Officer of Air Canada.
“Next stage”
Air Canada did not give an explicit reason for Calin Rovinescu’s departure from the CEO post. Rovinescu said: “I am truly delighted that the Board of Directors has endorsed Mike as my successor for this next stage and I look forward to working closely with Mike and the rest of our strong executive team through the transition next February.”
Precise information regarding Calin Rovinescu’s future plans was not immediately available.
“Retire”
Air Canada said: “Calin Rovinescu, its President and Chief Executive Officer, will retire on February 15, 2021, following completion of the Company’s current fiscal year, after leading the company for almost 12 years. Deputy CEO and Chief Financial Officer, Michael Rousseau will succeed him upon his retirement.”
Share price increase since April 2009
The announcement follows an increase in Air Canada’s share price of 1890% since April 2009.
Chaired by Vagn Sørensen
Vagn Sørensen serves as Air Canada’s Chairman.
He has served as independent director since November 2006 and as Chairman since May 2017.
In the position of CEO since 2009
Calin Rovinescu became CEO of the Company in 2009.
Calin Rovinescu, C.M., has served as President and Chief Executive Officer of Air Canada since April 1, 2009.
Rovinescu was the Executive Vice President, Corporate Development & Strategy of Air Canada from 2000 to 2004, and also held the position of Chief Restructuring Officer during the airline’s 2003-2004 restructuring.
From 2004 to 2009, Rovinescu was a Co-founder and Principal of Genuity Capital Markets, an independent investment bank.
Prior to 2000, he was the Managing Partner of the law firm Stikeman Elliott in Montréal, where he practiced corporate law for over 20 years and was a member of the firm’s Partnership Board and Executive Committee.
Rovinescu was Chair of the Star Alliance Chief Executive Board from 2012 to 2016 and Chair of the International Air Transport Association in 2014-2015 and he continues to serve on its Board of Governors.
He is also a member of the Board of Directors of BCE Inc. and Bell Canada, and of the Business Council of Canada.
Rovinescu holds Bachelor of law degrees from the Université de Montréal and the University of Ottawa, and has been awarded six Honorary Doctorates from universities in Canada, Europe and the United States.
Rovinescu was named the 14th Chancellor of the University of Ottawa in November 2015.
In 2016, Rovinescu was recognized as Canada’s Outstanding CEO of the Year by the Financial Post Magazine.
In 2018, Rovinescu was appointed a member of the Order of Canada.
In 2019, Rovinescu was recognized as Strategist of the Year and as Canada’s Outstanding CEO of the Year for the second time by the Globe and Mail’s Report on Business magazine.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Air Canada and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2020 ($).