TAP clarifies to “the market and the general public” that Alexandra Reis left at the initiative of the company

(In update)

The Securities Market Commission (CMVM) forced TAP to provide an explanation to the market in connection with the departure of Alexandra Reis from the company.

In a note released on Wednesday evening, entitled “Clarification of Board Member’s Resignation,” TAP states that “as determined by CMVM, Transportes Aéreos Portugals, SA (“TAP”), it is clarifying to the market and the public that the resignation submitted by Alexandra Reis as member and member of the Board of Directors and Executive Committee of TAP, which was reported to CMVM on February 4, occurred after the negotiation process initiated by TAP, in the sense that the termination of all existing contractual relations between Alexandra Reis and TAP is achieved by agreement.

The original communiqué, issued February 4, stated that Alexandra Reis “resigned from her position today, having decided to close this chapter of her professional life and is now taking on new challenges”, with the term “resignation” implying that the decision to leave had to come from manager, which raised doubts about the compensation of 500 thousand euros received by Alexandra Reis.