Brazil’s Gol Names Kakinoff As CEO


Brazil's Gol Names Kakinoff As CEO

Brazil’s Gol Names Kakinoff As CEO

Gol, Brazil’s second largest airline, named Paulo Sergio Kakinoff as chief executive after the company recently streamlined to cut mounting losses and fend off competition from smaller rivals.

Kakinoff, the former head of carmaker Audi’s operations in Brazil, replaces Constantino de Oliveira, the son of the airline’s founder and a major shareholder, according to a securities filing late on Monday.

Kakinoff is taking office at a time when Gol is seeking to implement far-reaching measures to quell a surge in costs that led to losses last year.

Earlier this month, Gol fired 190 staff on top of the dismissal of 131 employees in April.

The company posted a net loss of BRR41.4 million reais (USD$20.05 million) in the first quarter after a tumble in the currency sparked an increase in operational costs.


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