Avianca Holdings strengthens its Corporate Government

Bogotá, May 24, 2019. United Airlines proceeded to enforce its contractual rights derived from the loan agreed with BRW Aviation (Synergy Group) and appointed Kingsland Holdings Limited as a third independent party with the voting rights corresponding to BRW Aviation, although not its ownership. Kingsland, the largest minority shareholder in the company, has a trajectory of more than 40 years in the aviation industry and has been a member of the company’s board since the Holding’s incorporation.

Likewise, Kingsland Holdings Limited made the decision to renew the company’s Board of Directors, which will be presided by Roberto Kriete and conformed by Richard Schifter, Sergio Michelsen, Fabio Villegas, Alvaro Jaramillo, Oscar Dario Morales, James Leshaw, Juan Emilio Posada, Jairo Burgos, Rodrigo Salcedo and Roberto Zamora. This first-level board include three of Avianca’s former presidents and several global experts in the airline industry.

Kingsland has informed that it will continue to work towards achieving a good and transparent corporate government for Avianca Holdings, ensuring the company’s financial stability and sustainability in the long term.

“We foresee a very positive future for all collaborators, creditors, suppliers, shareholders and especially for Avianca’s customers. My job is to promote a capable team and Board of Directors, with the necessary skills to really lead Avianca’s transformation. We have many opportunities in the future and working together, and we will rise to the challenge”, said Roberto Kriete, President of Avianca Holdings’ Board of Directors.

“This change is very positive for our corporate government, a clear show of confidence from the airline’s shareholders and for the transformation plan currently in place. Our focus remains the same: to seek a profitable model with high operational efficiency, and delivering the best services for our customers”, said Renato Covelo, acting CEO of the company.

We would also like to reiterate that United Airlines has not taken control of Avianca Holdings, its operation, its service or its corporate decisions. What has happened is change of the Holding’s corporate government, but not of its shareholding structure.

About the strategic and commercial partnership with United and Copa

The measures regarding BRW being announced today do not alter the existing partnership between United Airlines, Copa Airlines and Avianca Holdings.  United’s agreement with BRW is completely independent from this partnership and does not affect it.

Additional Information:

Carolina Cortes
Director of External Communications
carolina.cortes@avianca.com
Cel: +57 310 7778301

 

Andrés Camilo Franco
Content Coordinator
External Communications Directorate
andres.franco@avianca.com 
Cel: +57 301 4475370

Viviana Escobar
Content Coordinator
External Communications Directorate
viviana.escobar@avianca.com
Cel: +57 3134057311