SANTIAGO, April 13 (Reuters) - The chairman of the board of directors of LATAM Airlines, Mauricio Amaro, wrote in a letter to investors that he may step down, saying that it was time for “renewal.”
LATAM, formed via a tie-up between Brazil’s TAM and Chile’s LAN in 2012, is the biggest Latin America-based airline. In 2016, it registered its first profitable year, despite an ongoing recession in Brazil, its principal market.
“I’m very proud to have participated in the construction of this great company,” Amaro wrote in the letter, which was made public late Wednesday.
“But for LATAM, renewal is the first word,” he added.
Amaro did not give a timeline for his departure, nor did he state concretely that he would leave the board. But he hinted heavily at the possibility throughout the letter.
LATAM declined to comment on the matter.
The airline, which is based in the Chilean capital Santiago, has units in Argentina, Brazil, Colombia, Ecuador and Peru, among other nations. Chile’s powerful Cueto family and Qatar Airways are also on the board.
Reporting by Antonio de la Jara; Writing by Gram Slattery; Editing by Dan Grebler