Enrique Cueto Plaza, the Chief Executive Officer of Chilean airline holding company LATAM Airlines group, is resigning after 25 years of service. Plaza will be replaced by the current Chief Commercial Officer Roberto Alvo Milosawlewitsch as of March 31, 2020. 

The CEO succession process was planned and began in 2018, a statement by the company reads, adding that both internal and external candidates were considered for the position. 

“We’ve made this announcement at a time of solidity and stability for the company,” Ignacio Cueto, President of LATAM Airlines Group is quoted in a statement as saying. “We are one of the world’s most punctual airlines, we offer a service that is recognized by millions of our customers and we have considerably strengthened our financial position.'' 

Indeed, in its latest financial disclosure, LATAM Airlines revealed having suffered a $62.8 million loss in the second quarter of 2019 ‒ a significant improvement from $114 million loss during the same period in 2018. 

In July 2019, Fitch Ratings upgraded LATAM’s corporate credit rating to BB- (from B+), with a “stable” outlook, due to debt reduction, financial flexibility and consistently high liquidity levels in recent years, the airline highlighted at the time.

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