Mexicana has appointed its chief financial officer Manuel Borja Chico to replace Emilio Romano as managing director of the airline. Borja has only been with Mexicana a year and has no prior airline experience, but he has been with Grupo Posadas, the Mexican hotel group that owns Mexicana, for 12 years.
With a masters degree from the University of Texas, Borja started in the financial division at Grupo Posadas and became its chief financial officer 11 years ago. In that role Borja led the due diligence review of Mexicana before Grupo Posadas bought it. He is a board member of both companies.
The announcement of Romano's departure caught many in the industry by surprise. However, Mexicana claims it was part of an "ordered transition" that called for Romano to remain at the controls after the airline's purchase for about 18 months. Grupo Posadas took control of Mexicana in December 2005.
Gastón Azcárraga, chairman of Mexicana's board of directors and president of Grupo Posadas, thanked Romano for "his decisive style of management that, together with the input of an outstanding group of collaborators, made it possible to reposition Mexicana as one of the top airlines in the world".
But it is also clear that Mexicana's board wanted someone in charge who had close ties to Grupo Posadas and who would concentrate on the airline's finances and profits. The privately-held airline does not disclose financial results, but reports circulated last year that the airline was struggling. The pilots' union went so far as to warn last October that Mexicana would not survive without restructuring.
Romano led several cost-cutting drives, winning a reputation with labour as a tough operator, and refused to commit the airline to a large new aircraft order without first obtaining union concessions. He also became a highly admired leader among Latin carriers and beyond.
Romano has not revealed his post-Mexicana plans. Before becoming the airline's managing director in 2004, he held government posts in tax policy and senior positions in the television industry.
As a result of Borja's promotion, Gerardo Barrera Segura, formerly corporate finances vice-president, has become Mexicana's new chief financial officer. Isaac Volin Bolok has been appointed corporate commercial vice-president, but will also continue to serve as chief executive of low-cost unit Click Mexicana.
Source: Airline Business
