08 February 2010

Bright future forecast for Monarch

Monarch Airlines has started the search for a new boss after chief executive Peter Brown announced he is to step down after eight years.

Airline chairman Iain Rawlinson will take on the senior executive responsibility for the group on an interim basis, supported by a five-strong management committee.

The board has commenced a process for the selection and appointment of a successor, the company said.

On behalf of company owner, the Mantegazza family, Fabio Mantegazza said: "Peter has made an invaluable contribution to Monarch and I have very much enjoyed working with him. I wish him well for the future.

"The Mantegazza family are committed long-term shareholders of the business and are excited about the promising years ahead."

Rawlinson, said: "Peter has been instrumental in guiding the group through a formative period in its long history.

"Monarch today has balanced exposure to both chartered and scheduled airline operations and a strong travel brand, and a supportive family shareholder base.

"The group is emerging from the very challenging recent period with a sound business model which offers scope for growth in the years ahead."

Brown said: "I have thoroughly enjoyed my time at Monarch, having spent eight years helping to transform the business into what it is today.

"I am confident that Monarch has a bright future and I look forward to following the company’s progress in the months and years ahead.

"Having originally approached the board last year about stepping down, the time is now right to move on and I am looking forward to a new challenge".

by Phil Davies