Stung by a C$1.03 billion ($824.3 million) loss in 2008 and the pending dissolution of parent company ACE Aviation Holdings, Air Canada surprised the market with the announcement it was undertaking a major restructuring that includes the resignation of president and CEO Montie Brewer. Brewer, who joined AC as an executive VP in 2002 and was elevated to the top job in 2004, will be succeeded by Calin Rovinescu. Rovinescu served as executive VP-corporate development and strategy at AC between 2000 and 2004 and was a key figure in the carrier’s 18-month bankruptcy reorganisation as chief restructuring officer. He has been involved with Canadian commercial aviation for more than two decades. The move to reappoint Rovinescu has led to speculation that another bankruptcy filing was likely even before the change in management.