Former Ferrari boss named new Alitalia head

GMT 23:11 2014 Wednesday ,26 November

Arab Today, arab today Former Ferrari boss named new Alitalia head

Luca Cordero di Montezemolo
Rome - AFP

The former long-time head of Ferrari, Luca Cordero di Montezemolo, was Wednesday officially named as the head of Italy's national carrier Alitalia.
The announcement follows a rescue deal between Alitalia and the Abu Dhabi-based Etihad Airways, which will take a 49 percent stake in the debt-laden carrier.
"I am proud to welcome our new board as we embark on this exciting phase in our airline’s history," said Montezemolo, who has been appointed for three years.
"The diversity and depth of their cumulative experience and knowledge will be pivotal in supporting and guiding the implementation of the business plan and the successful turnaround of Alitalia," he added.
Etihad chief James Hogan was appointed vice chairman.
The board has nine directors, six appointed by Alitalia and three by Etihad, including the vice chairman.
Etihad is expected to invest 560 million euros ($750 million) in the Italian airline, which has lurched from crisis to crisis for years.
Key stumbling blocks in the drawn-out merger negotiations had been Alitalia's debt of about 1.0 billion euros and overstaffing issues.
Montezemolo was ousted from his role as president of flashy sports brand Ferrari in September after 23 years amid a strategy clash with the board.


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