Board of Directors

The Board of Avianca Holdings SA is composed of eleven (11) core members elected by the General Assembly of Shareholders, most of which are independent and can be reelected indefinitely.

Germán Efromovich Chairman of the Board of Directors

Bolivian by birth and Colombian by conviction, he was educated in Brazil. A Mechanical Engineering graduate from the University of Brazil, FEI, Sao Paulo, in 1976 he began his career in the SGS Group. Since 1977 he has developed a range of businesses centered on the oil market in Brazil. Over 35 years ago he formed what is now known as the Synergy Group a business conglomerate with diversified business interests. The Group has investments in oil and energy, shipyards, oil services and technical inspections, radiochemistry, radiopharmaceuticals, agriculture and aviation. In the aviation industry, in addition to Avianca the group also owns: Helicol and PAS in Colombia, Ocean Air in Brazil, VIP S.A. in Ecuador and other helicopter, air taxi, aircraft maintenance services and private jet companies that operate in the region.

Roberto Kriete

Salvadoran. He holds an MBA from The Boston College in Boston, Massachusetts and a BA in Economics from the University of Santa Clara, California. He was a member of the Board of Banco Agrícola of El Salvador, the Business Foundation for Educational Development (FEPADE) and the Salvadoran Foundation for Health and Human Development (FUSAL). He currently holds several positions that include: Director of the Escuela Superior de Economía y Negocios (ESEN) Business School; Deputy Director of the Board of Directors of Hotel Real Intercontinental in El Salvador; President of the Kriete Investment Company Group that manages local and international investments in different sectors such as aviation, real estate, agroindustry and hotels among others; President of the Gloria de Kriete Foundation and Agape, an institution that provides assistance in health, nutrition, education and shelter and develops hostels, catering, education and communications projects. He is also a member of the Board of TELMEX Internacional and the Carso Health Institute for the Carlos Slim foundation. In the airline industry he has extensive experience as founder and board member of Volaris in Mexico; Chairman of the Board and CEO of Grupo TACA and President of the Latin American and Caribbean Air Transport Association (ALTA).

José Efromovich

Born in Bolivia, raised in Brazil and obtained Colombian citizenship in 2008. He graduated as a civil engineer from the Mackenzie Engineering School of Sao Paulo, Brazil, and began his career in the Brazilian construction company Inca. In 1977 he became independent, getting involved in various business activities in the medical field centered on the production and marketing of radioactive materials used in oncology for diagnoses. For 35 years he has participated in the development and expansion of the various companies now known part of the Synergy Group, a group with investments in aerospace, power generation, marine engineering and hydrocarbons.

Alexander Bialer

A Mechanical Engineer from the Instituto Tecnológico de Aeronáutica - ITA - Brazil, he has a post graduate Degree in Systems Management from Getulio Vargas Foundation, also in Brazil. He has over 40 years of experience in the implementation of systems, strategic planning, marketing, mergers and acquisitions and corporate governance. He has been a board member for several companies including GE Brazil where he served until 2002. He is currently on the Board of Sabesp (listed in Sao Paulo and New York), Romi (listed in Sao Paulo) and Pacific Rubiales (listed in Toronto and Bogotá) and other unlisted companies.

Raul Campos

Raul Campos holds a bachelor’s degree from the Catholic University of Rio de Janeiro, and a Master degree from The American University in Washington D.C., both in Economics. He did further post-graduate studies at the George Washington University, also in Washington D.C., with specialization in finance and development. His Professional career (1969-1974) began as an economist at the International Bank for Reconstruction and Development (IBRD-World Bank). He first joined Petrobras in 1974 and worked in the financial and commercial areas of the Company and was appointed Executive Director of Petrobras’ trading subsidiary for two successive 3-year mandates. He rejoined Petrobras in 1993, and worked in various capacities including Chief of Long and Short Term Finance Divisions, Deputy Manager of Corporate Finance, Executive Manager of Project Finance, Representative in London and Equity Investor Manager. Beginning January 2004 through 2007 he occupied the position of Investor Relations Executive Manager. In 2006 Mr. Raul Campos was elected Communications Executive Director of the Brazilian Institute of Investor Relations – IBRI. In September 2007, he resigned from Petrobras, and he joined Synergy Group as Chief Financial Officer. Effective January, 2015 he resigned from his executive positions with the Synergy Group, and is currently doing private consulting and translations, as a member of the American Translators Association

Isaac Yanovich *

Industrial Engineer from the Universidad de los Andes in Colombia and the University of Pittsburgh, Pennsylvania – U.S., with additional studies in M.S. Industrial Management at M.I.T. Massachusetts, U.S. His resume includes his role as founder and director of Banca de Inversión Betainvest S.A, Executive Vice President of Tecnoquímicas S.A., President of Invesa S.A., Lloreda Grasas SA and Ecopetrol. He presently serves on the boards of companies from various Colombian sectors and industries including: Inversiones Mundial S.A., TransGas de Occidente, Tecnoquímicas S.A., Epsa E.S.P., Siesa S.A., Forsa S.A., Carvajal Internacional S.A., Universidad Icesi, CTEEP, ISA Interconexión Eléctrica S.A. E.S.P. and Women's World Banking.

Álvaro Jaramillo *

Business Administrator from the Universidad del Norte. He began his career at Philadelphia National Bank in 1974, where he held various positions. In Colombia he has served as Chairman of Invercrédito, Avianca and Bancolombia. In 1997 he founded IQ Outsourcing SA, a company providing services that focus on Operations Management Processing using image-based technology. He is currently a member of the Board of Universidad del Norte (Barranquilla - Atlántico, Colombia) and the Boards of Casa Editorial El Tiempo S.A., GNC S.A. and the Corona Foundation.

Juan Guillermo Serna *

Business Administrator and Economist with a Masters in Economics from the Universidad Nacional de Colombia. His professional career has developed through various positions in companies in both the private and public sector, as Chairman of the Organización Terpel S.A., Director of the Fondo de Garantías (Financial Institutions Guarantee Fund), Economic Committee for the Presidency of the Republic, the Vice President of the Organización Corona S.A., the National Budget Office, the audit before the Coffee Federation in New York and the National Securities Commission. He is currently also a member of the Boards of Vidagas S.A.; Progytech S.A.; Industria Química Andina S.A. and Cabarría S.A.

Ramiro Valencia *

Bachelor in Humanities from the Pontificia Universidad Javeriana with a law degree from the Universidad Pontificia Bolivariana. He is the Executive President of the Colombian Chamber of Information Technology and Telecommunications, CCIT. He has held positions including General Manager of Empresas Públicas de Medellín, MD of the Fábrica de Licores de Antioquia, Chairman of the Board of Comfamiliar - Camacol and Chairman of the Council of the University of Antioquia. In the public sector he was Minister of Mines and Energy during the administration of President Andrés Pastrana, Ambassador to New Zealand, Governor of Antioquia, Mayor of Medellín and Education Secretary of Medellín.

Oscar Darío Morales *

Certified Public Accountant graduate of the Pontificia Universidad Javeriana in Cali, Colombia, he also has a Specialization in Finance from the same University. He is currently Vice President of Corporate Finance at Carvajal S.A. Other positions he has held include: Managing Partner Colombia & President of the Board of Deloitte Latin America (Colombia), Managing Partner, Central America and the Caribbean, Costa Rica & Panama at Deloitte & Touche (2001 - 2007), Managing Partner Colombia and Managing Partner Cali and Head of Audit and Tax at ARTHUR ANDERSEN (1995 - 2001), Chief Financial Officer Riopaila Castile (1992 - 1995) and Chief Financial Officer of Wyeth (1982 - 1991).

* Independent members