Avianca Has New President

Fabio Villegas took over in early March as president of Avianca, Colombia´s number-one airline that´s controlled by German Efromovich, a Brazilian impresario born in Bolivia.

Mr. Villegas, 50, who had chaired the National Association of Financial Institutions, is replacing Juan Emilio Posada, who from now on will be at the helm of the Efromovich aeronautical business.

Mr. Efromovich´s Sinergy Group is currently holding three thirds of Avianca´s shares after it bailed the carrier out of Chapter 11. Avianca had filed for protection under the U.S. Bankruptcy Act on March 2003 as a result of a profound crisis in the domestic aviation industry.

Founded in 1919 and considered the world´s second-oldest air company, Avianca boasts a payroll of 5,068 employees and operates nearly 290 daily flights with a fleet of 35 jetliners to 18 national cities and 17 international destinations.