In his opening speech at Crossair’s December 6 extraordinary shareholders assembly in Basel, Switzerland, Crossair founder and outgoing chairman Moritz Suter expressed regret over the new shareholders’ decision to oust him and six other members of the board, but resigned “to ensure a smooth transition and secure a good start” for the reconstituted Crossair intercontinental airline. He reminded the assembly that Crossair, after modest beginnings with three Metroliners in 1979, has grown under his leadership into Europe’s largest regional airline and remains in excellent financial health.
Many minority shareholders proposed the reelection of Suter, but Peter Forstmoser, representing the steering committee established by the banks and the government, outvoted them–even though he was often almost alone to raise his hand against the thousands of small shareholders present.
