Industry & Services >> CEO Interviews >> December 18, 2000
VICTOR HASSON is the Chief Executive Officer of City Bird SA. He
graduated in Medicine in 1982. In 1984, he joined his family business
City Hotels. He was elected President and Chief Executive Officer in
1988 and placed in charge of the financial management and strategic
development of the group. In November 1991, City Hotels created
EuroBelgian Airlines (EBA) with a limited shareholders' equity of BEF50
million (USD1,6 million), of which City Hotels controlled 51%. As Chief
Executive Officer of EBA, Victor Hasson developed it in a very short
period of time into a very successful charter airline. EBA was the first
European airline to reap the benefits of the new freedom and
deregulation afforded to EU companies starting January 1, 1993. At the
end of 1994, EBA developed scheduled low fare flights within Europe
under the name "EBA Express," positioning the company as one of the
first low cost airlines in Europe. In 1995, EBA operated 11 Boeing 737
and transported 1,312,000 passengers. It had BEF4,8 billion revenues
(USD160 million) and generated a net profit of BEF200 million (USD6,7
million). In April 1996, City Hotels sold its 51,5% participation in EBA
to the Virgin group for BEF1 billion (USD33,3 million), with a capital
gain of BEF975 million (USD32,5 million). Following the success of EBA,
Victor Hasson decided to use its air transport experience to create a
new airline company specialised in long haul flights from Brussels. And
so, on 7th August 1996 the City Bird airline was born, a subsidiary in
which City Hotels holds a 62,5% stake. In November 1997 City Bird listed
on EASDAQ. Profile
Mr. Hasson: City Bird was started in 1996 as a long-haul, low-fare
carrier, and has somewhat switched its strategy to become a purely
charter,
