Mexico's Volaris shuffles board amid IPO talk

Carriers race for bigger stakes in Mexicana wake By Cyntia Barrera Diaz Rosetta Stone MEXICO CITY, Feb 11 (Reuters) - Volaris, Mexico's No. 3airline, has tapped a seasoned executive to head the company'sboard amid local media reports that the carrier could go publicthis year. Volaris appointed Gilberto Perezalonso to replace PedroAspe as chairman of the board, the company said in a releaselate on Thursday. It mostly operates domestic routes but alsoflies to California and Chicago. Aspe, Mexico's former finance minister and a partner ininvestment fund Protego, resigned from his post with Volarisbut will remain as honorary president of the company. Perezalonso was behind broadcaster Grupo Televisa's (TV.N)(TLVACPO.MX) financial overhaul in the late 1990s whichincluded slashing thousands of jobs to cut costs. His tightgrip pulled Televisa out from one of its worst crises andcemented its lead as Latin America's top producer ofSpanish-language television content. Nicaragua-born Perezalonso also held a top post at one ofMexico's main supermarket chains and was a chief executive forAeroMexico, Mexico's biggest airline, a few years ago. Rosetta Stone German His appointment comes after Volaris, which local media havereported could pursue an initial public offering this year,lost two of its founding investors: Carlos Slim, the world'srichest man, and Televisa's Chief Executive Emilio AzcarragaJean. Slim and Azcarraga sold their respective 25 percent stakesin Volaris in the third quarter of 2010 to a group ofinvestors, including a U.S.-based venture capital firm. Volaris faces strong competition from Interjet, which hasexpanded in recent months to take advantage of the demise ofairline Mexicana after the troubled carrier stopped flying inAugust due to deep financial troubles. Interjet told Reuters recently it was considering selling astake to a foreign partner or listing its shares on the localstock market to boost growth. Last month, the company signed a$650 million contract with Superjet International for 15aircraft that will add to its existing Airbus (EAD.PA) fleet. AeroMexico has about 47 percent of the domestic market,followed by Interjet with around 20 percent and Volaris with 16percent. Mexicana's future is still unclear as it has yet to revealwhich new investors will inject fresh capital to kick-start thecompany. Mexico's labor minister, Javier Lozano, told a radioshow on Friday that Mexicana would start selling Rosetta Stone Spanish (Latin America) tickets againby the end of month.

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