Alitalia CEO quits, losses get much worse

Struggling airline posts €280 million net loss for 2012

As struggling Alitalia reports a net loss of €280 million for 2012, the airline says that its chief executive has quit after less than a year in the job. The result was a severe deepening from the €69 million loss posted in 2011. The Italian flag carrier, which is 25% owned by Air France-KLM, blamed sagging demand in Italy and Europe for the poor result. There was also €91 million in extraordinary costs related to the carrier’s renewal of its fleet.
Andrea Ragnetti, who became CEO in March 2012, had left the company by mutual agreement, the company said. Until a replacement can be found, the airline’s chairman, Roberto Colaninno, has been given additional powers.