Adria Airways CRJ900. By Rob Finlayson

The majority of Slovenia-based Adria Airways (JP) supervisors resigned Monday at a board meeting after failing to oust CEO and chairman Klemen Bostjancic.

According to a statement released by the carrier, “Klemen Bostjancic, president of the management board, was deposed and a new president appointed. However, after a heated discussion, the supervisory board members established that they had failed to take into account the legal aspects involved in the role of the management board president of an airline; under the Adria Airways memorandum of association, the management board president is also the accountable manager.”

As a result, JP said supervisory board president Vinko Moze “resigned irrevocably and with immediate effect, while the remaining supervisory board members revoked the decision to depose Mr. Bostjancic and the decision to appoint a new management board president. Klemen Boštjančič thus remains the Adria Airways management board president,” the carrier’s statement said.

The financially troubled carrier’s supervisory board met Monday to discuss restructuring, including the future of Adria Airways Technika, the procedure for selling the airline and selecting a financial advisor.

In September, company shareholders approved a cash injection of €50 million ($68.4 million) and a debt-to-equity conversion of €19.7 million against the airline’s total debt of nearly €70 million (ATW Daily News, Sept. 30, 2011).

Bostjancic, former chief supervisor of construction firm Vegradas, was named as new CEO in January 2011 (ATW Daily News, Jan. 5, 2011).