Ongoing restructuring at Comair, following the first loss in its 74-year history, has resulted in airline division chief and former joint-ceo, Glenn Orsmond, accepting a retrenchment package and director of flight operations, Captain Martin Louw, taking early retirement.
In a short notice to shareholders, Comair said the departure of both senior executives was immediate and both ceased to be board directors. The latest announcement also follows several board changes at Comair since June last year.
Glenn, a chartered accountant, has a wealth of experience, having been financial director at Sun Air; financial director at Comair (1995-2003); co-founding group financial director and group ceo of 1Time; ceo of Jetworx Aircraft Maintenance; and cfo of Star Air Cargo. He rejoined Comair in May last year as joint ceo with Wrenelle Stander. Following earlier restructuring, he was re-assigned as airline division ceo in December in what group chairperson, Lindsay Ralphs, said would “ensure better performance and efficiency in a very competitive airline industry”.
Martin joined Comair in 1996 after a 22-year career as a fighter pilot and flight instructor with the SA Air Force. Since then he served as chief training captain, fleet captain, chief pilot, executive manager flight operations and director of flight operations. He was due to retire in May.
In February Comair reported an interim loss of R564m for the six months ending December, R450m of which was attributed to the impairment of a long-standing damages claim against SAA, itself in business rescue. CEO Wrenelle Stander at the time said Comair was taking decisive steps, implementing far-reaching cost-cutting measures and restructuring to increase revenue.
