11:29 AM EST, 12/06/2024 (MT Newswires) -- Chorus Aviation ( CHRRF ) on Friday announced senior management changes as it closed the $1.9-billion sale of its regional aircraft leasing (RAL) business to HPS Investment Partners.

Jolene Mahody, Chief Strategy Officer, will retire next month, while Randolph deGooyer has been appointed Chief Operating Officer, effective Jan. 1. deGooyer is currently the President of Chorus' largest subsidiary, Jazz Aviation. Doug Clarke, currently Jazz's Vice President of Finance and Business Services, will replace deGooyer as President of Jazz.

With the sale of the RAL segment, Chorus is reducing corporate overhead costs in many areas, including reducing its board of directors by 50%. Chorus directors Gail Hamilton, Stephen Hannahs, Alan Jenkins and David Levenson are stepping down from the board effective Jan. 1. Karen Cramm will stay on until the next annual general meeting.

"Chorus is pleased to announce the completion of the sale of its RAL segment, including Falko. As we close this transaction, we are moving forward with a stronger financial position for our company," said chief executive Colin Copp. "The significant deleveraging and improved liquidity resulting from this sale will enable us to implement a sustainable capital return program for our shareholders and fund steady growth in our aviation services businesses."

Chorus was last seen up $0.025 to $3.415 on the Toronto Stock Exchange.

Price: 3.42, Change: +0.02, Percent Change: +0.74