Business
LIAT CEO Ian Brunton resigns amid re-fleeting woes
The CEO of troubled regional carrier LIAT (Leeward Islands Air Transport), Ian Brunton has resigned.
News of Brunton’s departure from the carrier was revealed to reporters by the Prime Minister of Saint Vincent & the Grenadines Ralph Gonsalves, who also is the chair of the share holder governments of the airline.
According to Gonsalves, Brunton’s resignation would be discussed by the carrier’s board of directors.
Under his contract, Brunton needs to give board of directors a 3 month notice of the intent of resignation. The board will in turn respond to indicate whether they have accepted the resignation.
Brunton’s resignation comes after the poor implementation of LIAT’s re-fleeting exercise over the past few weeks erased any profits that the airline hoped to make over the summer period.
The major shareholder governments of the airline include: Antigua & Barbuda, Barbados, St. Vincent & the Grenadines and Dominica.
Brunton, a former CEO of Trinidad & Tobago-based Caribbean Airlines Ltd (CAL) has been spearheading the airline multi-million dollar re-fleeting exercise of the beleaguered carrier.
This past August, LIAT signed a US$65 million loan with the Barbados-based Caribbean Development Bank (CDB) to finance the purchase of new aircraft. The fleet modernization project involves the replacement of LIAT’s ageing fleet through a combination of lease and purchase of aircraft; the transition costs associated with the changeover; the upgrade of maintenance facilities and other institutional strengthening activities.
LIAT, which flies to 21 destinations in the Caribbean, said reliable and efficient air transportation is essential for connectivity, mobility and accessibility within the region, and for some islands, LIAT provides the only air links with the rest of the region. -(CMC)