(RTTNews) - Brazilian low-cost and low-fare airline GOL Linhas Aereas Inteligentes S.A. (GOL: News ) announced Tuesday that it has initiated an organizational restructuring in order to increase efficiency and promote greater integration is a response to the company's rapid growth in recent years. The restructuring would see the streamlining of business management and also a reduction in the number of vice-presidents.

According to the new organizational structure announced, Chief Financial Officer Leonardo Pereira would now be in charge of finance, strategy and information Technology. He would have additional responsibility of technology, business development and strategic planning departments along with his earlier responsibilities of finance, controls and investor relations.

Further, the position of vice-president, information technology and planning would cease to exist due to the redistribution of its areas, with Vice-President Wilson Maciel Ramos leaving the company.

The company would also rename the Marketing and Services Vice-Presidency as Market, comprising of the cargo, commercial, corporate communications, marketing, yield management and alliance departments. Vice-president of marketing and services, Tarcisio Gargioni, would also be leaving the company, with the department heads reporting directly to the chief executive officer, until the transition is complete.

The company also revealed that Ricardo Khauaja, currently head of Management & Personnel, would be named vice-president, customers, employees and management. The Technical area, led by Captain Fernando Rockert de Magalhaes, remains unchanged.
The company added that Marco Antonio Piller, head of Airports, and Francisco Eustaquio Mendes, head of Maintenance, would also be leaving the company, and would be succeeded by Alberto Correnti and Sydnei Casarini, respectively.

The company noted that all these decisions were taken in accordance with the strictest standards of governance and with the participation of the board of directors. There will be no changes to the structure or heads of other areas, except that those that have been reallocated will be reporting to a different vice-president.

The company is scheduled to report financial results for the third quarter on Monday, November 9, 2009. On average, four analysts polled by Thomson Reuters expected earnings of $0.29 per share for the third quarter. Analysts' estimates typically exclude special items.

GOL closed Tuesday's regular trading session at $10.56, up $0.30 or 2.92% on a volume of 1.51 million shares, higher than the three-month average volume of 1.35 million shares.

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by RTT Staff Writer

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