HALIFAX, March 24 /CNW/ – Jazz Air Income Fund (TSX: JAZ.UN, 'Jazz') announced the appointments of Mr. David L. Emerson, P.C. Chairman, Emerson Services Ltd., to the Board of Trustees of Jazz Air Income Fund and The Board of Directors of Jazz Air Holding GP Inc., and Mr. Benjamin C. Duster, IV Executive Managing Director of Watermark Advisors, to the Board of Directors of Jazz Air Holding GP Inc., effective immediately.
"I extend a warm welcome to Mr. Emerson and to Mr. Duster," said Richard McCoy, Chairman. "The extraordinary calibre of these gentlemen further strengthens our Boards, and I look forward to their contribution."
"Mr. Emerson's broad professional experience in Canada, including his time as CEO of the Vancouver International Airport Authority, will bring valuable insight as we progress and develop further corporate objectives," said Joseph Randell, President and Chief Executive Officer, Jazz Air LP. "Mr. Duster's extensive knowledge of capital markets, mergers and acquisitions, as well as financial and strategic modeling solutions, will prove invaluable in guiding the Jazz management team as we look to diversify our business."
David L. Emerson, P.C. Biography
David L. Emerson, P.C. has dedicated over 30 years to public and private sector service. In 1975, he joined the Government of British Columbia, becoming the province's Deputy Minister of Finance in 1984. In 1986, Mr. Emerson left government to become President and Chief Executive Officer of the Western and Pacific Bank of Canada, and following a merger, became Chairman and CEO of Canadian Western Bank. Four years later, he returned to the provincial government as Deputy Minister of Finance, then Deputy Minister to the Premier, and later President of the British Columbia Trade Development Corporation.
In 1992, Mr. Emerson was appointed to lead the newly created Vancouver International Airport Authority. In 1998, he was appointed President and Chief Executive Officer of Canfor Corporation. In 2004, he was first elected to the House of Commons and was named Minister of Industry in July 2004, and was re-elected in 2006, and appointed Minister of International Trade, with responsibility for the 2010 Winter Olympics and Asia Pacific Gateway Initiative. In 2008, Mr. Emerson was appointed federal Minister of Foreign Affairs. Mr. Emerson is currently the Chairman of Emerson Services Limited.
Mr. Emerson attended the University of Alberta and obtained his bachelor and master degrees in economics. He later attended Queen's University where he earned a doctorate in economics.
Benjamin C. Duster, IV Biography
Benjamin C. Duster, IV owns and manages B. Duster & Company, LLC, a strategic and financial consulting firm, and is an Executive Advisor for Watermark Advisors, LLC, a broker-dealer headquartered in Greenville, South Carolina, specializing in providing mergers & acquisitions, private capital financing, valuation, and financial and strategic modeling solutions to middle market, privately-owned businesses. From October 2001 through May 2005, Mr. Duster was a partner with Masson & Company, LLC, an interim and crisis management and financial restructuring firm. From 1997 to 2001 he was a Managing Director for Wachovia Securities where he headed the Mergers & Acquisitions advisory business focusing on middle market companies. Previously, Mr. Duster held various positions at Salomon Brothers from 1981 through 1997. Mr. Duster served as Chairman of the Board for Algoma Steel, Inc. from February 2002 through June 2007, and a director for Neenah Foundry from September 2003 through May 2006.
Mr. Duster currently serves as a director of Catalyst Paper, RCN Corporation, Ormet Corporation and Accuride Corporation. Mr. Duster holds a B.A. in Economics from Yale College, an MBA from Harvard Business School, and a J.D. from Harvard Law School.
Jazz is the second largest airline in Canada based on fleet size and the number of routes operated. Jazz operates more flights and flies to more Canadian destinations than any other carrier. Jazz forms an integral part of Air Canada's domestic and transborder market presence and strategy.
Jazz is not a typical airline. Jazz's commercial agreement, the capacity purchase agreement ("the CPA"), with Air Canada is the core of its business. Under the CPA, Air Canada currently purchases substantially all of Jazz's fleet capacity based on predetermined rates. The CPA provides commercial flexibility, low trip costs and connecting network traffic to Air Canada.