Brookfield Asset Management Appoints Calin Rovinescu as Senior Advisor

Rhea-AI Summary

Brookfield Asset Management has appointed Calin Rovinescu as a Senior Advisor in its private equity group. Rovinescu, former President and CEO of Air Canada, brings extensive experience in business transformation and financial performance. In his new role, he will focus on sourcing investment opportunities in the aviation and aerospace sectors. Brookfield, managing US$600 billion in assets, aims to leverage Rovinescu's expertise for enhancing its portfolio companies. His prior leadership roles and board memberships add significant value to Brookfield's strategy moving forward.

Positive

• Calin Rovinescu brings a wealth of experience from his leadership role at Air Canada.
• His focus on aviation and aerospace investments aligns with market growth opportunities.
• Rovinescu's proven track record in business transformation is expected to enhance value creation.

Negative

• Potential concerns about continuity as Rovinescu transitions from a CEO role into an advisory position.

BROOKFIELD NEWS, March 22, 2021 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (“Brookfield”) (TSX: BAM.A, NYSE: BAM) today announced the appointment of Calin Rovinescu as a Senior Advisor within its global private equity group.        

Mr. Rovinescu is a seasoned global executive, most recently serving as President and Chief Executive Officer of Air Canada, Canada’s largest domestic and international airline and among the 20 largest airlines in the world, before retiring in February 2021. During his 12-year tenure leading the company, he oversaw its transformation into a global aviation leader offering an extensive worldwide network, while winning numerous customer awards and delivering strong financial results and stock market performance.

As Senior Advisor, Mr. Rovinescu will actively support Brookfield’s private equity group, and Brookfield more broadly, in sourcing and executing on attractive global investment opportunities, with a particular focus on the aviation and aerospace sectors, and implementing operations-oriented value creation opportunities across its portfolio companies.

“Calin is a highly accomplished executive with demonstrated capabilities in leading effective business transformations and delivering strong financial performance,” said Cyrus Madon, CEO of Brookfield’s Private Equity Group. “His insights and expertise will be tremendously beneficial to our team, and we are delighted to have him join us.”

“I’m pleased to join Brookfield’s private equity group and look forward to working closely with the leadership team to build on its long track record of investing in, strengthening, and growing high quality businesses over the long term,” said Mr. Rovinescu.

Prior to his role leading Air Canada, Mr. Rovinescu served as the company’s Executive Vice President, Corporate Development & Strategy, and as its Chief Restructuring Officer. He was previously a co-founder and Principal of an independent investment bank and, prior to that, practiced business law as a Managing Partner at one of Canada's leading law firms.

He is currently a member of the Board of Directors of Scotiabank and BCE Inc. and serves as Chancellor at the University of Ottawa. He was formerly Chair of the Star Alliance Chief Executive Board and of the Board of Governors of the International Air Transport Association. He was recently appointed a Senior Advisor to Teneo, a CEO advisory firm. Mr. Rovinescu is a member of the Order of Canada.

Brookfield Asset Management Inc. is a leading global alternative asset manager with US$600 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors. Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A respectively.

For more information, please visit our website at www.brookfield.com or contact:

Communications & Media: Claire Holland Tel: (416) 369-8236 Email: claire.holland@brookfield.com

Investor Relations: Linda Northwood Tel: (416) 359-8647 Email: linda.northwood@brookfield.com

FAQ

Who is Calin Rovinescu and what is his role at Brookfield Asset Management?

Calin Rovinescu is a newly appointed Senior Advisor in Brookfield's private equity group, focusing on investment opportunities in aviation and aerospace.

What experience does Calin Rovinescu bring to Brookfield?

Rovinescu has extensive experience as the former President and CEO of Air Canada, where he oversaw significant transformations and financial performance.

When was Calin Rovinescu's appointment announced?

Calin Rovinescu's appointment was announced on March 22, 2021.

What are Brookfield's assets under management?

Brookfield Asset Management manages US$600 billion in assets across various sectors, including real estate, infrastructure, and private equity.

What sectors will Rovinescu focus on at Brookfield?

He will focus on sourcing investment opportunities primarily in the aviation and aerospace sectors.