Portuguese Government Fires TAP Air Portugal CEO and Chairman
TAP Air Portugal’s (TP) CEO and Chairman have been dismissed by the Portuguese government.
TAP Air Portugal’s (TP) CEO and Chairman have been dismissed by the Portuguese government.
DALLAS - TAP Air Portugal’s (TP) CEO Christine Ourmieres-Widener and Chairman Manuel Bej have been dismissed by the Portuguese government.
The pair have been embroiled in a scandal regarding an irregular severance payment of €500,000 (US$532,945) made to a former executive board member, Alexandre Reis.
On Monday, finance minister Fernando Medina said that the pair were dismissed with just cause. He said that following an investigation, it was revealed that the payment made to Reis was illegal and that she would be forced to repay the money.
In a statement, Medina said the move was a “turning of the page for the company.” He continued, “In this regard, the government decided to dismiss, with just cause, the president of the board of directors and the president of the executive committee of TAP.”
“With this set of decisions, the conditions have been met for us to focus on the fundamentals: proceed with reinforced confidence in the recovery and sustainability path of a strategic company for the prosperity and affirmation of our country.”
TAP has been in the midst of potential privatization for several months, with the Air France-KLM Group, Lufthansa Group, and IAG all potential suitors. Tough restructuring has occurred, with thousands of jobs cut, wages reduced, and aircraft removed from the fleet. However, these moves have helped boost profits, with TAP recently achieving its highest-ever Q3 revenues of €1.1bn, up 7.5% on pre-pandemic levels.
Ourmieres-Widener has been at the helm since the summer of 2021 after holding previous roles at CityJet (WX) and Flybe (BE). SATA Air Açores (SP) CEO Luis Rodrigues will now fill the CEO and Chairman positions.
https://airwaysmag.com/tap-air-profits-111m-q3/
Featured Image: TAP Air Portugal Airbus A321-251NX (CS-TXI). Photo: Marty Basaria/Airways.
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