MONTREAL - Robert Milton is giving up his job as president of ACE Aviation Holdings, but will remain chairman and chief executive of the company that holds a minority stake in Air Canada.
Brian Dunne, will assume the role of president and will retain his duties as chief financial officer.
The company declined to explain the reasons behind the change, which takes effect Jan. 1.
Nor would a spokesman indicate if Milton will take a pay cut or how Dunne's salary would change.
Earlier this month, ACE Aviation (TSX:ACE.B) said it was further reducing its once majority stake in Air Canada (TSX:AC.B) with the sale of 44 million shares of the airline for $162.8 million, taking ACE another step towards a complete windup.
The Montreal-based company said it has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including RBC Dominion Securities Inc. and TD Securities Inc.
Canada's largest airline will not receive any of the proceeds from the sale of its B shares at a price of $3.70 each.
The transaction, which is expected to close around Dec. 23, will reduce ACE Aviation's total stake in Air Canada to 11.15 per cent, from approximately 27 per cent.
ACE was formed in 2004 to be the airline's parent company as part of Air Canada's court-supervised restructuring.
There have been expectations that ACE Aviation Holdings will eventually be dissolved after disposing of its assets, although there's no firm timetable.
ACE Aviation has previously spun off the Aeroplan (TSX:AER) frequent flyer program and regional airline Jazz Air (TSX:JAZ.UN) as well as the technical service division.
ACE Aviation shares closed at $13, up 10 cents in Tuesday trading on the Toronto Stock Exchange. Air Canada shares gained 10 cents, or 2.85 per cent, to $3.61.
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