Air Canada CEO Resigns

Air Canada said its chief executive Montie Brewer resigned, effective April 1.

Calin Rovinescu, a former senior executive with the airline, will succeed Brewer, the company said in a statement late on Monday.

Last month, UBS analyst Fadi Chamoun said the airline could be forced to file for bankruptcy protection if it does not secure additional financing and succeed in renegotiating covenants in credit card agreements.

The airline reported a worse than expected fourth-quarter loss in February on waning passenger revenue and sharply higher costs, and said it aims to wrest more savings from operations to preserve cash.

"While the challenges in front of us are large, we will continue to build upon the successes of the airline to date and deliver a quality product for our customers, employees and shareholders," Rovinescu said in a statement.

Rovinescu, who is the co-founder of Genuity Capital Markets, a Canadian investment bank, was previously chief restructuring officer at Air Canada.