The Slovenia Times

Adria Airways With New CEO


Anžur will perform the duties of the CEO until a new one is appointed but not longer than six months.

According to a press release from Adria, Anžur's appointment has been approved by the Civil Aviation Agency.

The supervisory board intends to publish a public call for applications for the new CEO within 45 days.

Boštjančič was dismissed for economic and business reasons. According to its annual business report, Adria Airways's loss stood at EUR 15.3m last year, at EUR 59.7m in 2010 and at EUR 12.2m in 2009. The company is to finish this year EUR 7.5m in the red.

Boštjančič was appointed CEO at the beginning of 2011 and under his leadership the state invested EUR 50m in the company to save it from receivership.

The move is currently being investigated by the European Commission, which is trying to establish whether a series of state-sponsored measures to help the carrier was in line with EU regulations on state aid.

Among those measures are four capital injections that were carried out between 2007 and 2011 and together worth some EUR 85.5m.

The supervisors tried to dismiss Boštjančič already in March but after a heated debate it was agreed that not all legal aspects of the CEO's importance for the company had been taken into consideration. Subsequently, chief supervisor Vinko Može stepped down.


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