Portugal seeks CEO to bring flagship carrier back from brink

Portugal’s decision to oust the CEO of TAP after a rescue of the nation’s leading airline has created an urgent vacancy to fill at a time when a broad overhaul is needed. As the government agreed to boost its holding in loss-making TAP to 72.5% on July 2, it simultaneously ended the tenure of Antonoaldo Neves after more than 2 1/2 years at the helm. Finding a new CEO could take at least 60 days, said Fernando Neves de Almeida, managing partner of headhunter Boyden Portugal, which isn’t involved in the executive search. “I think it’s impossible to find a new CEO for TAP in a shorter period because the search needs to go beyond Portugal,” said Neves de Almeida. “We’re talking about a company that needs to undergo a deep restructuring process.” Infrastructure Minister Pedro Nuno Santos is putting in place an interim management team to run the carrier. With the final deal to increase the Portuguese government’s stake in TAP yet to be signed, it remains unclear if Neves still has a hand in the running of the company. A TAP spokesman declined to comment.<br/>