newstodate.aero
Feb 21, 2020 (newstodate): The recent change of CEO at Cabo Verde Airlines has turned into a legal issue.
As reported by newstodate on February 6, 2020, new CEO at Cabo Verde Airlines is now Icelandic national Erlendur Svavarson, replacing Jens Bjarnason, who served as CEO since March 2019.
The process of replacing Jens Bjarnason with Erlendur Svavarsson as CEO and executive president of Cabo Verde Airlines has not respected the precepts of the Brazilian Corporate Code and may be considered illegal, opponents claim.
The CEO-change took the form of a nomination, but the issue should have been relegated to a General Meeting as it was not an issue of "vacancy" that would then require confirmation at a later shareholders' meeting.
Still, a statement by majority-shareholder Loftleidir Cabo Verde holding 51 percent of the airline maintains that Erlendur Svavarsson was appointed CEO by the majority shareholder "as part of the management contract between Loftleidir Icelandic and Cabo Verde Airlines".
Minority shareholders are now pressing for calling a General Meeting to solve the issue.
In 2017, Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde inked a management agreement on the restructuring of the loss-making TACV Cabo Verde Airlines, and in March 2019, Loftleidir Cabo Verde, owned 70 percent by Loftleidir Icelandic ehf, and 30 percent by Icelandic investors, acquired 51 percent of Cabo Verde Airlines and named Jens Bjarnarson CEO and President.
Erlendur Svavarsson, Loftleidir Icelandic VP Sales and Marketing at Loftleidir Icelandic since 2010, has worked for Loftleidir Icelandic and other Icelandair companies in various senior management and board member roles since 2003, and has been member of Cabo Verde Airlines' Board since early 2019.
As reported by newstodate on February 6, 2020, new CEO at Cabo Verde Airlines is now Icelandic national Erlendur Svavarson, replacing Jens Bjarnason, who served as CEO since March 2019.
The process of replacing Jens Bjarnason with Erlendur Svavarsson as CEO and executive president of Cabo Verde Airlines has not respected the precepts of the Brazilian Corporate Code and may be considered illegal, opponents claim.
The CEO-change took the form of a nomination, but the issue should have been relegated to a General Meeting as it was not an issue of "vacancy" that would then require confirmation at a later shareholders' meeting.
Still, a statement by majority-shareholder Loftleidir Cabo Verde holding 51 percent of the airline maintains that Erlendur Svavarsson was appointed CEO by the majority shareholder "as part of the management contract between Loftleidir Icelandic and Cabo Verde Airlines".
Minority shareholders are now pressing for calling a General Meeting to solve the issue.
In 2017, Loftleidir Icelandic, TACV Cabo Verde Airlines and the Government of Cabo Verde inked a management agreement on the restructuring of the loss-making TACV Cabo Verde Airlines, and in March 2019, Loftleidir Cabo Verde, owned 70 percent by Loftleidir Icelandic ehf, and 30 percent by Icelandic investors, acquired 51 percent of Cabo Verde Airlines and named Jens Bjarnarson CEO and President.
Erlendur Svavarsson, Loftleidir Icelandic VP Sales and Marketing at Loftleidir Icelandic since 2010, has worked for Loftleidir Icelandic and other Icelandair companies in various senior management and board member roles since 2003, and has been member of Cabo Verde Airlines' Board since early 2019.