Seasoned Industry Leader Joins AC at a Pivotal Growth Juncture

Research evidence excerpt

Seasoned Industry Leader Joins AC at a Pivotal Growth Juncture

July 8, 2026 | 23:09 ET~

Air Canada Transportation

Fadi Chamoun, CFA Analyst

fadi.chamoun@bmo.com (416) 359-6775

AC-TSX Rating Price: Jul-8 Target Total Rtn

Outperform $24.84 $30.00 21% Amanda Abraham, CFA Senior Associate

amanda.abraham@bmo.com (416) 816-9139

Fred Kornachev Senior Associate

fred.kornachev@bmo.com (437) 335-0049

Legal Entity: BMO Nesbitt Burns Inc.Seasoned Industry Leader Joins AC at a Pivotal

Growth Juncture

Bottom Line:

We believe AC's appointment of Anko Van der Werff strengthens its already strong 2YR Price Volume Chart

leadership bench and brings a fresh external perspective at a pivotal point in the 28

company's development, as it enters the next phase of growth under the strategic 24

plan outlined in late 2024. We understand there is strong alignment between Mr. Van 22

der Werff's vision and AC's current strategy, though we look forward to hearing his 20 20

18 15

perspective directly once he assumes the role. 16 10

14 5

Key Points 12 Jan Jul Jan Jul 0

LHS: Price (C$) / RHS: Volume (mm) Source: FactSet

Air Canada names Anko Van der Werff to succeed Michael Rousseau as CEO. AC

announced the appointment of Anko Van der Werff as its next President and CEO. Mr.

Van der Werff, currently CEO of Scandinavian Airlines (SAS), will assume the role by

the end of January 2027. He succeeds Michael Rousseau, whose retirement becomes

effective August 31, 2026. During the transition period, AC's Executive Committee will

report directly to the Board.

Adds complementary, seasoned leadership experience. While we have not met

Anko Van der Werff, we recognize him as an experienced leader with more than 25

years in the airline industry. He held senior commercial leadership roles at KLM, Qatar