Aer Lingus CEO Dermott Mannion resigns
Aer Lingus CEO Dermott Mannion resigns - Dublin Airport News
Airport news for Dublin on 09/04/2009.
The airline’s share price has reached an all-time low and large operating losses are expected this year, with Aer Lingus airfares having fallen by 10 per cent on average and cargo revenue down by more than 30 per cent.
"My decision to step down will allow a new CEO to bring fresh thinking and new ideas to the business," Mannion indicated in a statement he issued about his decision to resign. He was not available for comment, however.
The 51-year-old airline executive led the carrier through two major cost reduction efforts, faced down trade unions and helped to prevent two hostile takeover bids made by Ryanair, its domestic competitor.
Industry observers are speculating that the front-runner for the position is Sean Coyle, the former director of scheduled revenue at Ryanair, and current chief financial officer at Aer Lingus. Until a new CEO is appointed, the Aer Lingus chairman, Colm Barrington, will assume the responsibilities of the position.
"Against the backdrop of challenging market conditions, the board and management team are focused on maximizing revenues, reducing operating costs while maintaining a strong balance sheet to deliver value for all shareholders," Barrington said in a statement.