MONTREAL — Transat has announced the departure of Denis Pétrin, Vice President, Finance and Administration and Chief Financial Officer, effective July 9.
Pétrin, who first joined Transat in 1990, has served as Chief Financial Officer since 2009. Jacques Simoneau, currently a member of Transat’s Board of Directors, will serve as interim CFO until a successor for Pétrin is found.
“I am grateful for my years with Transat and the opportunity I had to work in such a strong and engaging company,” said Pétrin. ‘I know it now has the means to build a bright future and I look forward to witnessing its future success.”
Annick Guérard, President and Chief Executive Officer, added: “On behalf of the Board of Directors, the management team and Transat employees, I would like to thank Denis for his contribution to Transat over the years, and especially for his support during the difficult times we have been experiencing since the outbreak of the COVID-19 pandemic.
“He is leaving the company at a time when the implementation of the Large Employer Emergency Credit provides the company with the funding it needed to ensure its restart and development in future years.”
In April 2021, Transat announced that it had reached an agreement with the federal government to borrow up to $700 million in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF), which then-president and CEO Jean-Marc Eustache, who retired last month, said would help the airline provide refunds to customers whose travel plans were cancelled due to the pandemic.
Earlier this week, Travelweek also reported that Transat has ended negotiations with businessman Pierre Karl Peladeau for a potential acquisition deal. Peladeau had made a non-binding offer for Transat of $5 per share in cash, which Transat said is unlikely to be approved by shareholders.
Peladeau had been pursuing Transat for months, at the same time Air Canada and Transat were working to finalize an acquisition deal. That deal, however, was mutually terminated by both companies on April 2 after it failed to gain approval from the European Commission.