Makivik Corporation announced Wednesday it will keep full ownership of First Air, after many months of rumours of a sale to or merger with Norterra-owned Canadian North.

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Makivik Corporation announced Wednesday it will keep full ownership of First Air, after many months of rumours of a sale to or merger with Norterra-owned Canadian North. (CBC)

In a news release, the corporation that represents Inuit in Northern Quebec called First Air an "important investment."

First Air also announced the resignation of president and CEO Kris Dolinki, who has served in that position since December 2011.

Chris Ferris, First Air’s vice-president of marketing, will take over as interim president and CEO.