|
|||||||||||||||||
|
|
|||
LAN And TAM Airlines
Form Corporate Structure For Merger By Shane Nolan |
||||
October 30, 2011 - LAN and TAM airlines have started the technical and preliminary processes for their integration into LATAM Airlines Group (LATAM). With the advisory of international consultants, such processes aim at preparing both companies for the merger, becoming the leading airline in the region. “We are very pleased with the integration process between both companies and we expect to complete the process of creating LATAM Airlines Group by the end of first quarter 2012, after obtaining all necessary approvals” says Enrique Cueto, LAN’s CEO.
In
this context, LAN and TAM have defined the new corporate
structure which will be implemented once the merger is
completed, as expected, within the first quarter 2012:
|
||||
Mauricio
Rolim Amaro, current Vice-Chairman of TAM’s Board of Directors,
will become Chairman of LATAM’s Board of Directors, María
Claudia Amaro, will remain as Chairman of TAM’s Board of
Directors and will also become a Director in LATAM’s Board,
Enrique Cueto, current CEO of LAN, will become CEO of LATAM,
Ignacio Cueto, current COO of LAN, will become CEO of LAN, Marco
Antonio Bologna, will remain as CEO of TAM and Líbano Barroso,
current CEO of TAM Linhas Aéreas, will become CFO of LATAM.
The
remaining management positions of LATAM Airlines Group and the
strategic definitions of the new structure will be disclosed in
at a later time. Nevertheless, it is worth highlighting that
after the merger is completed, both LAN and TAM will continue
operating with their respective corporate structures.
LATAM
Airlines Group will be amongst the ten largest airlines groups
worldwide and within the three largest in terms of market
capitalization. LATAM will offer passenger and cargo
transportation to more than 115 destinations in 23 countries,
with a fleet of over 280 aircraft and with more than 50,000
employees.
LAN Airlines is one of the leading passenger and cargo airlines in Latin America. The company and its affiliates serve over 70 destinations around the world through an extensive network that offers full connectivity within Latin America, while also linking the region with North America, Europe and the South Pacific, as well as 70 additional international destinations through its various code share agreements. |