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AER LINGUS GROUP PLC - ANNUAL REPORT 2008
5
Lingus operating platform, we believe that diversifying our
revenue streams beyond the Irish market is a key to
the long-term success of this business.
Board, management, conclusion
I would like to thank the members of the Board for their
work and commitment throughout the year, especially
during the second hostile bid from Ryanair in December
2008. We believe that both the presence of Ryanair on
our shareholder register, and its ongoing attempts to
disrupt Aer Lingus through hostile bids, are significantly
detrimental to the interests of both companies.
I am pleased to welcome Laurence Crowley, who joined
the Board in January 2009 and agreed to be our Senior
Independent Director. Laurence’s experience, wisdom
and enthusiasm will be a great asset to Aer Lingus and
all of its shareholders.
During the year, Greg O’Sullivan resigned as Finance
Director and as a Director. The Board would like to thank
Greg for his contribution to Aer Lingus over many years. In
August 2008, Sean Coyle joined as Chief Financial Officer
and as a Board Director.
During the year John Sharman resigned as Chairman.
I would like to recognise John’s contribution to Aer
Lingus over nearly six years, both as a Director and as
Chairman and express the appreciation of his board
colleagues for his leadership as Chairman. Among his
many achievements, John steered Aer Lingus through
its very complex IPO and set the company on course to
be a successful and vibrant international airline, focussed
on maximising value for all its shareholders.
In December 2008, Sean Fitzpatrick resigned from the
Board. Sean served Aer Lingus extremely well and had
a significant and positive influence on the company both
before and after the IPO.
This year, Chris Wall’s term as a Director was completed
and he left the Board. Chris was an extremely supportive
Director. Aer Lingus and its stakeholders are deeply
indebted to him.
In April 2009, Dermot Mannion resigned as Chief
Executive and a Director after nearly four years with the
company. The Board would like to thank Dermot for his
contribution to Aer Lingus over the last four years and
to record its appreciation for his loyalty and dedication
to the Group over this period. We wish him well.
Aer Lingus is currently conducting a global search for
a new Chief Executive Officer and I have assumed
executive responsibility for the Group until a new CEO
is appointed.
I want also to thank and acknowledge the management
team and all our staff for their dedication and hard work
in 2008. In a very difficult environment they continued
to deliver the Aer Lingus brand - low fares and superior
service - to our customers every day with both confidence
and dedication. Their efforts are greatly appreciated.
While the current commercial outlook is challenging, Aer
Lingus can face it with confidence. We have the brand,
the product, the people, the experience, the resolve
and the balance sheet strength to weather the current
difficult times. The measures that we have taken and
continue to take will put Aer Lingus in a strong position
to emerge profitably when commercial and financial
conditions improve. We aim to be well positioned
to add significant value to all our shareholders when
such conditions allow.
Colm Barrington
CHAIRMAN
LONG HAUL