Caribbean Airlines board replaced – in reaction to massive losses incurred in 2012

Less than 72 hours after he announced that Caribbean Airlines had accumulated massive losses in 2012, Trinidad & Tobago Finance Minister Larry Howai has announced that the current board of directors of the beleaguered carrier had been replaced.

Howai told a news conference that the new interim board will be chaired by former independent legislator Phillip Marshall and includes the Jamaican Denis Lalor.

Howai told reporters that the new board would have to outline measures to turn around the fortunes of the airline that accumulated losses which now amount to approximately US$110 million including a US$40 million in government subsidies.

Earlier this week, Howai told the Senate that the preliminary unaudi­ted figures showed US$32 million of the US$70 million loss was incurred by the Air Jamaica route, with the London route also accounting for a major part of the losses.

Caribbean Airlines, which began operations in 2007, acquired Air Jamaica in 2011. The Jamaican Government has a 16 percent stake in the Trinidad & Tobago based carrier. -(CMC)