SAirGroup flying low: president resigns accused of controversial strategy

The president of SAirGroup, the strategic investor of LOT Polish AIrlines, Philippe Bruggisser, resigned yesterday. His decision resulted from disapproval by the group’s supervisory board of his controversial strategy of investing in small and often unprofitable airlines. The board intends to hold off on any foreign investments before recovering its main company, Swissair. “SAirGroup will surely sell some of its foreign company shares”, said Pierre Condom, publisher of industry publication “Interavia.” LOT is a profitable company and one of the biggest carriers in the fast-developing Eastern European market, factors making it rather unlikely that SAirGroup would sell its 37.6% stake in it. A decision on that matter should be made within two or three months. Meanwhile, price per share of SAirGroup increased in response to information of Bruggisser’s resignation. (Gazeta Wyborcza, p.17) M.K.