Sad for Colin RovinescuHe will retire in 12 days.
He managed brillantly for 10 years, he gathered a team of very competent officers; the announcement of his retirement had not affected the SP even for one day. An performance lived as a defeat by autoritarian style managers but in reality a proof of success for the perennity of the company.
We made a lot of money despite of ... or thanks to his cautious policies. The most known being his goal to avoid dividends without an investment grade rating.
But as he exit, the company has returned to its B rating, shares have been diluted two times, 15M$ of cash is burned each day and almost all planes are grounded for the second time in one year.
His comfort is that the company is not in a step back to 2012; improvements done are structural and Air Canada will be in a better shape than some others to gain in the post pandemy era.
By chance, he sold 30% of his shares at 24$ in 2017 and another 30% at 42$ in 2019, another example of his cautious approach.
The february conference call will be his last.