Ross Sheil, Staff Reporter
Dr. Vincent Lawrence, executive chairman of Air Jamaica, speaking at a press briefing on April 25. - RUDOLPH BROWN/CHIEF PHOTOGRAPHER
VIN LAWRENCE is to step down as head of Air Jamaica next month.
Air Jamaica Director of Corporate Communications Sandrea Falconer said Dr. Lawrence is expected to leave his post as executive chairman in October. He and a new board of directors were originally appointed for a six-month term from last December lasting until June 30.
No replacement has been found but Ms. Falconer said, "We expect he will be stepping down soon."
Dr. Lawrence had been appointed to run the airline after the Government bought it back from the Gordon 'Butch' Stewart-led Air Jamaica Acquisition Group (AJAG). It had accumulated debts of US$560 attributed to a recession in the world airline business.
Dr. Davies, who maintains overall control of Air Jamaica, gave Dr. Lawrence a mandate to restructure the airline to make it attractive to private investment for a further divestment. He was also to identify a qualified chief executive, to be appointed by Dr. Davies.
The new board reported further losses of US$64 million in its first six months and on June 30 announced it had raised a US$200 million loan on the international capital market. They said this would stabilise the airline within three months.
Mr. Lawrence could not be reached for comment yesterday.
Taken from the Financial Gleaner, Friday, September 30, 2005.
