Angola’s president, João Lourenço, on Wednesday 20th October dismissed the board of directors of flag carrier TAAG, basing the decision on the need to implement the company’s restructuring plan and its strategic objectives.
The entire Board including the chairman of the Board of Directors, Helder Preza, the chairman of the Executive Committee, Rui Carreira, five executive and non-executive directors will leave their duties according to a statement from the Civil House of the president.
The move is part of the implementation of TAAG’s restructuring plan and strategic objectives and follows Presidential Decree No 186/20 of July 17, 2021, by which the nominal value of TAAG’s share capital was adjusted and the company’s shareholder structure was adjusted to no longer be wholly-owned by the state, according to a Presidency statement.
The statement referred the grounds for the decision to Presidential Decree 186/20, of 17 July, which adjusted the nominal value of TAAG’s share capital and redefined the company’s shareholder structure, as it was no longer wholly owned by the state, with the need to implement the Restructuring Plan and to encourage the business policy to achieve its strategic objectives.
TAAG registered a 75% drop in the number of passengers carried, and accumulated losses of around $372 million in 2020.
According to CH-Aviation, Former Viva Air Perú chief executive Eduardo Fairen Soria looks to be the next candidate to replace Carreira as CEO of TAAG.
By Victor Shalton Odhiambo