MONTRÉAL, May 26, 2021 /CNW Telbec/ - Transat A.T. Inc. ("Transat" or the "Corporation") announces today the implementation of the succession plan set up for Mr. Jean-Marc Eustache who is retiring and handing over the leadership of the Corporation.
Mr. Eustache has been one of the principal architects of the creation of Transat in 1987. With his avant-garde business vision focused on vertical integration, he helped make Transat a world leader in the tourism industry. The company he built has been the envy of many, as evidenced by the announcement in 2019 of the transaction for its acquisition by Air Canada valuing the company at more than $720 million before the pandemic came to thwart these plans.
"With the crisis resulting from the COVID-19, we were most happy to have been able to rely on all of Jean-Marc's experience and wisdom to face the worse storm in the history of Transat and the tourism industry, until the implementation of the critical $700 million financing announced on April 29, 2021 which will provide Transat with the funds it needs to relaunch its operations on solid grounds once it emerges from the pandemic-induced restrictions" has indicated Mr. Raymond Bachand, the Lead Director of the Corporation.
"We are grateful to Jean-Marc for his contribution and his unwavering dedication throughout his tenure at Transat, and we now hope that he can fully enjoy his well-deserved retirement" he added.
Mrs. Annick Guérard is appointed as President and Chief Executive Officer starting on May 27, 2021. Mrs. Guérard has been Transat's Chief Operating Officer since November 2017.
"Jean-Marc has been a pillar of the company since its beginnings more than thirty years ago, and we want to continue to make this jewel that he leaves us shine for several decades to come" said Annick Guérard.
"I leave the company in the good hands of Annick Guérard, who has my full confidence as well as that of the rest of the management team and the Board of Directors. I have no doubt that, under her leadership, Transat will accomplish great things and once again become a formidable competitor admired by all. I am proud to have brought Transat to where it is now, and to have been able to secure the funding that allows it to face its future with confidence. It is now time to make room for new decision-makers, as Transat will deploy the plan that will once again make it a solid, profitable company and, for a long time to come, the symbol of leisure travel in the eyes of its many customers, in Quebec and elsewhere" mentioned Mr. Jean-Marc Eustache.
Mr. Eustache is also stepping down from his role on the board of directors. M. Bachand will succeed him as Chairman of the Board and Mrs. Guérard will join the Board of Directors. These changes will also be effective as of May 27, 2021.
Caution regarding forward-looking statements
This press release contains certain forward-looking statements about Transat. These statements are based on certain assumptions deemed reasonable by Transat, but are subject to certain risks and uncertainties, several of which are outside the control of Transat, which may cause results to vary materially. Transat disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.
The reader is cautioned that the foregoing list of factors is not exhaustive of the factors that may affect any of the Corporation's forward-looking statements. The reader is also cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. The Corporation considers that the assumptions on which these forward-looking statements are based are reasonable.
These statements reflect current expectations regarding future events and operating performance, speak only as of the date this press release is issued, and represent the Corporation's expectations as of that date. For additional information with respect to these and other factors, see MD&A for the year ended October 31, 2020 and the MD&A for the quarter ended January 31, 2021 filed with the Canadian securities commissions and available on SEDAR at www.sedar.com. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
About Transat
Transat A.T. Inc. is a leading integrated international tourism company specializing in holiday travel. Under the Transat and Air Transat banners, the Corporation offers vacation packages, hotel stays and air travel to some 60 destinations in over 25 countries in the Americas and Europe. Transat is firmly committed to sustainable tourism development, as reflected in its multiple corporate responsibility initiatives over the past 14 years and obtained Travelife certification in 2018. The Corporation is based in Montréal (TSX: TRZ).
SOURCE Transat A.T. Inc.
Media: Christophe Hennebelle, Vice-President, Human Resources and Corporate affairs, 514 987-1660, ext. 4584; Financial analysts: Denis Pétrin, Chief Financial Officer, 514 987-1660