Air Transport World

Varig CEO Fernando Pinto.

Varig CEO Fernando Pinto survived a major confrontation with the carrier's board of directors. Pinto, whose father was a yang captain and whose brother is the carrier's chief pilot, received strong support from the pilot union, which convinced the employees' foundation that owns the majority of yang's stock to back him at an emergency stockholders meeting.

The assembly replaced all nine hoard members, bringing onboard such well-known figures in the Brazilian industry as Harro Fouquet, a former planning director at Varig, and Ozires Silva, former Embraer CEO.

In exchange for this support, Pinto is to speed up an emergency plan to reduce costs by $160 million. …

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