Crossair’s New Board Of Directors Elects Two Vice Presidents And Approves The 26/26 Variant Of The B

Crossair’s new Board of Directors has approved the detailed Phoenix Plus Business plan. This enables the management to proceed all out on the 26/26 variant. Claudio Generali and Ricardo Gullotti haves been elected Vice Presidents of the new Board of Directors.

The main item on the agenda of the second meeting of Crossair’s new Board of Directors, after the General Assembly on December 6, was the detailed Business Plan for the years 2002 to 2004. After a thorough discussion it was unanimously approved. The Board of Directors thus ensured support for the build-up of the fleet with the addition of 26 medium- haul and 26 long-haul aircraft and the parallel build-up of the necessary personnel capacity.

The approval was given subject to the following three conditions:
- adherence to the cost estimates, particularly in regard to the personnel and     in aircraft leasing
- no assumption of Swissair Group obligations
- a positive outcome from the referendum in Canton Zurich on January 13, 2002.

The conditions to enable Crossair to adhere to this Business Model are considered favourable, thanks to the rigorous adaptation of capacity to market needs and the competitive cost structure. The current Seat Load Factor lies partly well above the Business Plan assumptions.

The expansion of the fleet will be achieved with only a small portion (ca. 20 per cent) of the aircraft being acquired by direct purchase. Leasing negotiations are currently under way and are aimed at achieving the highest possible degree of flexibility, in order to be able to speedily react to changes in market requirements.


Three Committees formed

In order to ensure adherence to Corporate Governance, the Board set up three committees: these are advisory bodies, each consisting of four Board members - one for Finances (Audit committee, headed by Jacques Agrain), one for Salaries and Compensations (Remuneration Committee, headed by Urs Rohner) and one for the nominations for the Board and top management (Nomination Committee, headed by Pieter Bouw).

The new Crossair Board elected Riccardo Gullotti and Claudio Generali as Vice Presidents: Claudio Generali was a member of the previous Crossair Board.

It is probable that a decision will be taken on the new name of the airline at the Board meeting in January. Concerning the question of an alliance, intensive negotiations are under way. The Crossair Management continues to conduct extensive talks with the Board regarding all possible options (ca.20%).