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GOL Linhas Aereas Inteligentes announced plans to spinoff its frequent flyer division doing an IPO at Bovespa, the Sao Paulo stock exchange.

The company has hired Leonel Andrade as the new company’s CEO. According to GOL’s Constantino Junior, Leonel has extensive experience in the financial industry and retail, which will be a very good match for the loyalty program Smiles.

Mr Leonel has worked previously at Citibank, Visa Brazil, and Losango Finance. “I am very excited and happy for being able to help build this company, which was born with a consolidated trademark and a solid customer base, with more than 9 million members,” Andrade said.