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Airlines

Tony Fernandes Steps Down as Acting Group CEO of AirAsia X

3 months ago

Tony Fernandes has stepped down as the acting group CEO of Capital A’s long-haul budget carrier AirAsia X citing “other commitments,” the airline announced in a note to investors on Monday.

“I’m now going to focus on delivering significant value to shareholders of Capital A, including the AirAsia Aviation Group, aviation services, logistics, travel, fintech and the e-commerce lifestyle platform,” Fernandes said in a press statement.

Having served as the non-independent non-executive director of AirAsia X, Fernandes stepped in to the role of acting group CEO in July this year.

Mahmood Fawzy has now been appointed as the independent non-executive director of Thai AirAsia X.

AirAsia X had entered a court-overseen debt restructuring process during the pandemic. The airline completed the debt restructuring in March.

Fernandes, in a press statement, mentioned that his job had been to restart AirAsia X and bring it back to profitability and growth after the hibernation. “I am happy that this has been accomplished with a very edifying plan for 20 aircraft for the AirAsia XGroup — 13 aircraft for AirAsia X and seven for Thai AirAsia X.”

He went on to note that following the restructuring the airline has improved the cost structure, and created a cargo business, which has contributed about 20 percent to the airline’s revenue during the pandemic and will continue to play a vital role in its recovery.

The airline in a statement in August had noted that it would be ramping up flight frequencies and would return to daily services to most destinations before 2023, with optimised aircraft utilisation of 15 hours by December.

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