Angola: President dismisses board of flag carrier airline TAAG

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Angola: President dismisses board of flag carrier airline TAAG

9:51 CAT | 20 Oct 2021

File photo: Lusa

Angola’s president, João Lourenço, on Wednesday dismissed the board of directors of flag carrier airline TAAG, basing the decision on the need to implement the company’s restructuring plan and its strategic objectives.

According to a note from the Civil House of the president, the chairman of the Board of Directors, Helder Preza, the chairman of the Executive Committee, Rui Carreira, five executive and non-executive directors will cease their duties.

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 was strongly affected by the effects of Covid-19 on the circulation of people, having registered a 75% drop in the number of passengers carried, and accumulated losses of around $372 million in 2020 (€320 million).

Source: Lusa