TAP CEO fails to quit over exit package discord

 In Aviation, Companies, News

The Portuguese Government has yet to reach an agreement on an exit deal with TAP CEO Antonoaldo Neves to step down from his executive position.

The stone in the Government’s shoe comes at the time when it has already chosen a transitional chief executive for the troubled national airline which is 75% in public hands.
According to the weekend newspaper Expresso, Brazilian Neves is demanding all of the salaries that legally he says he has a right to until the end of his contract (February or March 2021) despite the fact that the airline has suffered huge losses this year because of Covid-19 and registered over a billion euros in debt for 2019.
Yet, despite the trouble that the national airline is suffering, with many of its staff working reduced hours and at reduced salary rates, he is not, according to Expresso, prepared to “give way on one red cent”.
The disastrous effect of this stalemate situation means that there is a power vacuum at the head of the airline. A board of directors meeting scheduled for last week should have involved both the outgoing CEO and the interim CEO, Ramiro Sequeira who now doesn’t have the effective power to run the company.
Antonoaldo Neves was CEO of TAP technically until 2 July when the transport minister Pedro Nuno Santos announced his dismissal on live TV:
“With immediate effect, the CEO of TAP will be replaced”, he announced after an agreement was reached with Azul shareholders which will reinforce the State’s presence in the airline and see the departure of airline mogul David Neeleman, who owns Azul, from TAP.
Ramiro Sequeira has been TAP Chief Operating Officer (COO) since 2018. According to his linkedin page, he worked for Iberia for four years and for Iberia Express before that.