New chairman takes helm as Grand Duchy buys out Qatar Cargolux stake

CARGOLUX Airlines International, Europe's largest all-cargo airline and launch customer for the new generation Boeing 747-8 freighter, has announced changes to its board of directors following the acquisition by the Luxembourg state of a 35 per cent stake in the airline from Qatar Airways on 31 December.

Paul Helminger has been elected chairman, with Alphonse Berns, Paul Mousel and Patrick Nickels appointed directors of a company, which employs 1,500 people and offers a global trucking network to more than 250 destinations as well as charter and aircraft maintenance services.

The cargo carrier's ownership structure is now Luxair 43.4 per cent, the Grand Duchy of Luxembourg, 35 per cent; Banque et Caisse d'Epargne de l'Etat (BCEE), 10.9 per cent and Societe Nationale de Credit et d'Investissement (SNCI), 10.7 per cent.

Its fleet comprises six B747-8 freighters and eleven B747-400 freighters and covers a network of 90 destinations, 60 of which are served on scheduled all-cargo flights.