Valentín Lago, from today CEO of Air Europa

Destinations

The Spanish Government approved in the Council of Ministers the rescue of Air Europa in two tranches -a participative loan for the amount of 240 million euros and an ordinary loan of 235 million-, considering that the airline is a strategic company for the Spanish economy and whose viability was at risk due to the coronavirus pandemic.

Both loans are backed by the Globalia corporate guarantee, as well as the commitment to establish a mortgage on the Group’s headquarters in Pozuelo and Palma de Mallorca. The interest rates set for the participative loan are those contemplated in the annex to the agreement of the Council of Ministers of July 21 and in the Temporary Framework of the European Commission.

(File photo) Agustín Lago (left) at the opening of the Madrid-Amsterdam route of Iberia Express

Following the granting of the loan to Air Europa, Sepi initially released 375 million while the remaining 100 were pending the closing of the appointment of the top executive. The Sepi has paid the remaining 100 million, once the appointment of Lago as CEO was approved.

The new CEO

Valentín Lago, 48, is Aeronautic engineer from the Polytechnic University of Valencia and doctor in Economics. Prior to joining the airline sector, he was a consultant at Indra. In 2002, he joined Air Nostrum where he spent another 10 years, first as Head of Maintenance and, after different positions, he held the Quality Management. In 2012, it entered Iberia Express which had just been released by Gallego. At Iberia’s low-cost subsidiary, he held the Production department. Four years later he entered Vueling as General Director of Operations (COO). In 2019 he created the firm Ideair Consulting.

According Forbes, your arrival at the airline has been delayed due to negotiations regarding your remuneration, managing to improve conditions, and to leave his previous company. The publication, citing sources close to the Sepi, Lago would have agreed about 300,000 euros to direct Air Europa, almost half of the 565,000 euros to which it aspired and 50% more than the maximum limit of 210,000 euros established by the Sepi for executives of the state public sector.

Meanwhile, the unions of the different groups of the company are still waiting to be summoned to a meeting in which Air Europa will expose you the restructuring of the airline, how it affects each one and the possible agreements.