Air Italy (2005) (Milan Malpensa) and sister carrier Meridiana fly (Olbia) have both had their full air operator certificates revoked by Italian civil aviation authority ENAC this week due to the financial difficulties of the two carriers. Both have now been issued temporary air operator certificates instead that will expire in one year. During a turbulent board of directors meeting following the decison, the carriers have decided to fully merge Air Italy into Meridiana fly from February 15 onwards and to replace CEO Giuseppe Gentile by Roberto Scaramella based on a proposal by Meridiana founder and minority investor Aga Khan. The existing Meridiana investors included the Aga Khan Fund for Economic Development will also acquire the 38.71% stake in Meridiana fly and Air Italy currently owned by the Air Italy Holding in which Gentile also owns a share.