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The coming week will be decisive for the future of Air Tahiti Nui, with a Board of Directors meeting scheduled for Tuesday, June 25, 2024.
At their second meeting this year, directors of the SEM, which is almost 99 percent state-owned, must essentially approve the replacement of current CEO Michel Monvoisin with Philippe Marie, who was appointed by President Brotherson in April last year.
His time with the Crown as head of the company’s management team was apparently not entirely successful, since, according to our information, Philippe Marie is still waiting to know the amount of his remuneration for this position. We can’t blame him… we’ll see if it lives up to his expectations. But it gets even worse since we learn that his predecessor also had financial ambitions! Apparently, Michel Monvoisin could imagine himself leaving his adventure with a “small” check in his pocket. Until now it was not certain.
But regardless of this big money question – it’s none of our business …, the company’s employees are still waiting for a new roadmap. This famous impulse is loudly demanded by the head of the Polynesian government (also responsible for tourism), who, by the way, has just decided to add 3.3 billion francs to the troubled fund of ATN from the perspective of a possible recapitalization (distant? 2026?).
So of course, the future captain is well known “Good financier” As his experience at the Bank of Tahiti management has demonstrated, but there are no management problems, we are reassured. On the other hand, ATN needs a direction, a real development strategy, opening new routes to straighten out a financial trajectory that has plummeted to a deficit of more than 3 billion francs for the third consecutive year. Every exercise is over. 2024 is no exception, with fierce competition on the Papeete-Los Angeles route, by far the most frequented by tourists and Polynesian passengers.
Remember that Air Tahiti Nui has no fewer than 650 employees. Above all, it is also an airline committed to the destination. In a way that guarantees to maintain a sufficient number of seats to “feed” the Polynesian tourism industry, which generates more than 60 billion in foreign exchange each year.
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