Gol Swaps CFO, Adds Board Members

July 29, 2016

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Brazilian airline Gol is bringing back the chief financial officer who took the company public and named two new board members amid a tough debt restructuring that has struggled to attract bondholders' cooperation.

Gol Linhas Aereas Inteligentes, as the company is formally known, announced the nomination of board member Richard Lark to the CFO post he held from 2003 to 2008 in a securities filing.

Current CFO Edmar Prado Lopes Neto "will take on new challenges within the group after the transition is completed," Gol said in the filing.

Lark's seat on the board will go to Andre Janszky, managing partner of law firm Milbank, Tweed, Hadley & McCloy's Sao Paulo office.

Anna Luiza Constantino, a member of Gol's controlling family, will take the board seat of Henrique Constantino, who was arrested this month in a graft investigation shaking Brazil's business and political establishment.

Neto acknowledged this month that an unpopular bond swap was not enough to resolve its costly debt burden, which has contributed to four years of heavy losses and hurt the airline during a severe economic downturn.

(Reuters)