SANTIAGO, April 13 The chairman of the board of
directors of LATAM Airlines, Mauricio Amaro, wrote in a
letter to investors that he may step down, saying that it was
time for "renewal."
LATAM, formed via a tie-up between Brazil's TAM and Chile's
LAN in 2012, is the biggest Latin America-based airline. In
2016, it registered its first profitable year, despite an
ongoing recession in Brazil, its principal market.
"I'm very proud to have participated in the construction of
this great company," Amaro wrote in the letter, which was made
public late Wednesday.
"But for LATAM, renewal is the first word," he added.
Amaro did not give a timeline for his departure, nor did he
state concretely that he would leave the board. But he hinted
heavily at the possibility throughout the letter.
LATAM declined to comment on the matter.
The airline, which is based in the Chilean capital Santiago,
has units in Argentina, Brazil, Colombia, Ecuador and Peru,
among other nations. Chile's powerful Cueto family and Qatar
Airways are also on the board.
(Reporting by Antonio de la Jara; Writing by Gram Slattery;
Editing by Dan Grebler)