Investor Pierre Karl Péladeau is calling for the ouster of Transat AT’s chair and a top-to-bottom review of the struggling airline’s operations and direction.

Mr. Péladeau, whose Financière Outremont Inc. owns 9.5 per cent of Montreal-based Transat TRZ-T , wants to replace Susan Kudzman as chair and the number of company directors reduced to six from 11. In a statement issued on Monday, he called for a restructuring of the company’s balance sheet and a review that includes the company’s direction, senior management and cost structure.

Mr. Péladeau named two other directors he wants on the board and said he is taking these steps after failing to convince the company a change in direction is needed.

“Our proposals have been consistently rebuffed by the board, and the lack of a construct

See Full Page