Brewer quits as Air Canada CEO

Montie Brewer has resigned as president and chief executive of Air Canada, the company said in a surprise announcement Monday night.

Calin Rovinescu, a former Air Canada executive who played a key role in the airline's 2003-04 court-supervised restructuring, has been named as his replacement.

"On behalf of the board, I would like to express our sincere thanks to Montie for his contribution to Air Canada since joining the company in 2002," Air Canada chairman David Richardson said in announcing the changes.

Rovinescu, who takes over Wednesday, will also assume Brewer's seat on the airline's board of directors.

"Calin's reputation as a proven leader and his wealth of experience in corporate strategy will serve Air Canada well during this particularly challenging period for the world's airline industry," Richardson said in a statement.

A lawyer by training, Rovinescu was managing partner of the Montreal law firm Stikeman Elliott before joining the airline in April 2000 as executive vice-president of corporate development and strategy.

He later became chief restructuring officer before resigning in April 2004 in the middle of the airline's revamping.

Rovinescu is rejoining Air Canada from Genuity Capital Markets, an independent investment banking firm he helped found.

Air Canada shares on the TSX closed down three cents at $1.15 on Monday afternoon, before the announcement. The stock is drastically down from its 52-week high of $9.84, which it hit last April.

With files from the Canadian Press