Jazz Air Income Fund Announces New Chairman of the Board of Directors
HALIFAX, Nov. 9 /CNW/ - Today, the Jazz Air Income Fund announced the
appointment of Mr. Richard H. McCoy as the Chairman of the Board of Directors
of the Jazz Air Income Fund.
As had been previously disclosed, ACE Aviation Holdings Inc. Chairman and
Chief Executive Officer Robert Milton will be retiring as Chairman of the Jazz
Air Income Fund and leaving the Board of Directors. The effective date will be
January 1, 2008. Mr. Milton remains Chairman, President and Chief Executive
Officer of ACE Aviation Holdings Inc.
"Robert's leadership along with his truly remarkable passion and
understanding of the airline business will be missed," said Joe Randell,
President and Chief Executive Officer, Jazz. "His contribution to the growth
and success of Jazz as a strong competitive regional carrier was invaluable.
In particular, Robert's support for the merger of the four regional carriers
in 2000 and later his vision of a changed role for Jazz as part of the
restructuring were key to transforming Jazz into the competitive North
American carrier we are today. On behalf of the entire Jazz team, I thank
Robert for his support throughout the years. We would not be what we are today
without his leadership."
Richard H. McCoy who is currently a trustee of the Jazz Air Income Fund
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 including Ace Aviation Holdings Inc., and Air
"The Jazz executive team joins me in welcoming Richard in his new role as
Chairman of the Jazz Air Income Fund," said Joe Randell. "We have valued his
counsel, support and keen interest in our business as a Board member and look
forward to his contribution as Chairman of the Board."
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.