Avianca chief to depart airline next week

Avianca CE Hernan Rincon will leave the airline effective April 30, as the carrier and its majority shareholder face increasingly challenging times. Hernan Rincon, who joined the carrier in April 2016, is leaving the airline after just 3 years in the role. Rincon plans to pursue other opportunities, says Avianca chairman German Efromovich. Avianca, Copa Airlines and United unveiled a joint venture agreement in Nov 2018, a plan which involved United agreeing to a US$456m loan for Efromovich's Synergy, the majority shareholder in Avianca. The loan was secured by Synergy's equity and its 516m shares of common stock in the Latin American airline. Synergy has come under increasing pressure in recent months, with its wholly-owned Avianca Brazil filing for bankruptcy protection in Dec 2018. <br/>