Swissair Group in turmoil as more board members resign

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Swissair parent The SAirGroup has been thrown into further turmoil with news that its 10-man board will be restructured over the next 12 months following recent senior management departures. All but one of the board members, including chairman Eric Honegger, will leave their positions in two phases at next month's shareholder's meeting on April 25 and 12 months later.

The shake-up follows the resignation of three key executives in recent weeks. SAir Group ceo Philippe Bruggisser and Paul Reutlinger, head of SAirGroup's French interests, quit in January and February respectively. Airline veteran Moritz Suter, who founded Swissair sister airline Crossair, resigned last month as head of SAirGroup's airline division after only six weeks in the job.

Their departures came amid investor concerns over the group's loss-making ventures in France and Belgium, the latter being a controlling stake in Sabena. The financial impact of the group's loss-making business interests is expected to be made public at an announcment of its annual results, scheduled for April 2.

The future of retail and catering company The Nuance Group, subsidiary of SAirGroup, was thrown into doubt at the beginning of the year when the parent company revealed that it intended to focus on its core airline business. But in an exclusive interview with travelretailworld.com's sister publication Duty Free News International on February 1, Nuance ceo Peter Petersen said travel-retail remained core to the SAirGroup's strategy.
In a statement issued by SAirGroup, the board of directors decided to restructure at the top following the company's fundamental shift in airline strategy. "The move lays the groundwork for a successful future that will focus on reviving the health of the company and, in particular, in making Swissair again a top-quality and profitable airline," the statement added.