Chair of LATAM Airlines says may step down

The chairman of the board of directors of LATAM Airlines, Mauricio Amaro, wrote in a letter to investors that he may step down, saying that it was time for «renewal.»

LATAM, formed via a tie-up between Brazil’s TAM and Chile’s LAN in 2012, is the biggest Latin America-based airline. In 2016, it registered its first profitable year, despite an ongoing recession in Brazil, its principal market.

«I’m very proud to have participated in the construction of this great company,» Amaro wrote in the letter, which was made public late Wednesday.

«But for LATAM, renewal is the first word,» he added.

Amaro did not give a timeline for his departure, nor did he state concretely that he would leave the board. But he hinted heavily at the possibility throughout the letter.

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