Aug 4 (Reuters) - Air Canada AC.TO :
* Air Canada CEO sells block of shares for investment diversification, estate planning and charitable giving
* Air Canada - Calin Rovinescu, President and CEO, has sold 1.6 million Class B voting shares in a block trade to a financial institution
* Air Canada - Rovinescu plans to use proceeds from sale of shares for investment diversification, estate planning and to fund his family foundation
* Air Canada - rovinescu continues to own "substantial" equity interest in co through remaining holdings of Class B voting shares, other securities