Jazz Air Income Fund announces changes to its Board
HALIFAX, Dec. 14 /CNW/ - Today, Jazz Air Income Fund, Jazz Air Trust, and
Jazz Air Holding GP Inc. announced changes to their Boards of Trustees and
Effective January 1, 2008, Bernard Attali, Pierre Marc Johnson and David
Richardson will leave the Board of Directors, and Robert Brown and Marvin
Yontef will leave the Board of Trustees.
Jazz is pleased to announce the appointment of Mr. Sydney John Isaacs to
the Board of Directors. Mr. Isaacs has experience in the aviation industry and
was previously a partner in a national law firm dealing with corporate and
commercial matters. Mr. Isaacs is currently Senior Vice President, Corporate
Development and Chief Legal Officer with ACE Aviation Holdings Inc.
"On behalf of all of us at Jazz, I sincerely thank these individuals for
their contributions, support and guidance," said Joseph Randell, President and
Chief Executive Officer, Jazz. "It has been a pleasure and an honour to work
with these gentlemen. We are also very pleased to welcome Syd Isaacs to our
Board of Directors."
As had been previously disclosed, Robert Milton will be stepping down as
Chairman and retiring from the Board of Jazz effective January 1, 2008.
Richard H. McCoy who is currently a Trustee of the Jazz Air Income Fund
and Chairman of the Audit Committee will succeed Mr. Milton as Chairman of the
Board. Mr. McCoy has over 35 years in the investment industry and currently
serves on the board of a number of Canadian public companies.
Theses changes to the composition of the Boards of Directors and Trustees
of Jazz result from ACE Aviation Holdings Inc.'s previously announced
intention to divest its remaining interest in Jazz Air Income Fund in the near
Jazz is the second largest airline in Canada based on fleet size and the
number of routes operated. Jazz operates more flights and flies to more
Canadian destinations than any other Canadian carrier. Jazz forms an integral
part of Air Canada's domestic and transborder market presence and strategy.
Jazz is not a typical airline. The airline has a commercial agreement
with Air Canada that is the core of its business. Under the Capacity Purchase
Agreement (CPA), Air Canada currently purchases substantially all of Jazz's
fleet capacity based on predetermined rates. The CPA provides commercial
flexibility, low trip costs and connecting network traffic to Air Canada.
Also, the CPA significantly reduces Jazz's financial and business risks, and
provides a stable foundation for day-to-day operations and future growth.