Gol Linhas Aereas Inteligentes SA, rose to its highest in almost a month after founder Constantino de Oliveira Jr. stepped down as chief executive officer as the airline works to return to profit.
Gol advanced 3.3 percent to 9.80 reais in Sao Paulo, the highest close since May 21. The benchmark Bovespa index rose 1.8 percent, while rival Tam SA gained 0.7 percent to 47.32 reais.
Paulo Kakinoff, Audi AG’s Brazil head, will take over as CEO on July 2, the low-cost carrier said in a statement on its website yesterday. Oliveira will become chairman.
“We view as marginally positive the fact that Mr. Paulo Kakinoff was elected the new CEO of Gol as we believe he could employ his extensive experience in management in favor of Gol’s shareholders,” Banco Santander Brasil SA analyst Pedro Balcao-Reis wrote in a note to clients today.
Gol is trimming 1,200 jobs from a workforce of about 20,500, mostly through attrition, Chief Financial Officer Leonardo Pereira said in April.
Kakinoff worked for Audi parent Volkswagen AG for 19 years and has been a Gol director since 2010. He will leave the board to become CEO, Gol said.
Gol started operations in 2001 and has grown to a fleet of 123 Boeing Co. 737 planes, according to its website.