Sepi And Globalia Have Commissioned The Redeployment Of An Iberian Veteran From Air Europa
2021-02-10 | by CusiGO
Valentine Lago, an experienced airline executive, will be responsible for the redevelopment of air Europa, the owner of the airline, which has applied for public assistance, following an agreement between SEPI and globalia. The appointment of the CEO is subject to the appointment of him as a member of the board of directors by the general meeting of shareholders of the idargo family group, which will then appoint him as the CEO. Lago has a close relationship with Luis Gallego, head of IAG, who will join the group after Iberia’s acquisition of air Europa.
The appointment of Valentine Lago follows several negotiations between globalia and SEPI, after air Europa sought 450 million euros in aid from the strategic enterprise solvency Support Fund (SFA), which is managed by the national group. The request involves SEPI’s involvement in the management of the airline and the proposal to appoint Lago. In addition, the new CEO of European airlines is supported by Luis Gallego, chief executive of IAG. He joined Iberia and completed the transaction of delaying the purchase of air Europa in January at a price of 500 million euros, thus setting up a good bridge for the dialogue between the two airlines. Finally, Juan Jos é Hidalgo, the owner and founder of globalia, approved Lago after a meeting on Monday.
Lago is an aviation engineer and doctor of economics at Valencia Polytechnic University. He is 48 years old and has more than 25 years of experience in the industry. After 10 years as a consultant to Indra, he was appointed quality director of the airline air nostrum in 2002. He worked for the company for more than 10 years and was appointed maintenance manager. In 2012, he signed up with Iberia express, where he took over production management. During this period, his regional subsidiary was one of the best in the industry in terms of cost and timeliness. According to sources consulted, Lago emphasized this point when signing the collective agreement on technical and support personnel, which is also an issue he formulated in Wulin. He joined the organization in 2016 and worked with the heads of Luis Gallego and Iberia to solve the crisis. After leaving Vueling in 2019, he founded ideair consulting and now works for padesa, a food company.
SEPI joined the European Aviation Commission before appointing Juan Buja and Jose Angel patiaroyo. The former has a career with Iberia airlines and served as director general of civil aviation from 1991 to 1996, while parterroyo is a director of SEPI, specializing in commercial law and mergers and acquisitions. Globalia appointed Juan Jose Hidalgo as chairman, Miguel Angel Sanchez Jimenez as chief financial officer, and Ramiro Campos Gallego as director general of legal counsel, who also served as secretary. Conditions for public assistance include the appointment of two directors, followed by the appointment of a chief executive.
European airlines is the first entity to join the strategic enterprise assistance fund controlled by SEPI. In addition to $475m, the company also received $140 million in ICO guaranteed loans. SEPI decided to divide the company into three companies: European airlines, European Aviation Holding Company and air express company. Each committee consists of five members (three for each globalia and two for SEPI).
Iberia and globalia reached an agreement in January last year to buy European airlines for 500 million euros in cash, which has a six-year implementation period, and the sale will be reduced by 50% compared with the price initially agreed in November 2019.