Malaysia Airlines has just confirmed a major share swap deal with rival Kuala Lumpur-based carrier AirAsia, which will see AirAsia founders Tony Fernandes and Kamarudin Meranun become non-executive directors of the Malaysian flag carrier.
Effective immediately the MAS board has also announced the resignation of airline ceo Tengku Azmil Zahruddin, who will leave the carrier to take up a role as Executive Director, Investments for the Malaysian government’s investment arm, Khazanah Nasional Berhad, which is a major shareholder in Malaysia Airlines.
The board also announced the resignation of six current directors: Sadasivan Pillay, Keong Choon Keat, Seri Panglima Annuar, Amar Mohamad Morshidi, Sukarti bin Wakiman and Martin Barrow, who have stepped down over the last two days.
Azmi Wan Hamzah, Tan Boon Seng, Rohana Rozhnan and David Pek have all been named as new Independent Non-Executive Directors, while Mohammed Rashdan Yusof has been re-designated as an Executive Director of MAS, being seconded from Khazanah Nasional Berhad.
A new Executive Committee, to be chaired by Yusof and including Fernandes and Meranun, will “oversee the management of the company until such time as a new Managing Director is appointed,” the carrier said in a statement just issued.
Tune Air, the parent company of AirAsia, will hold 20.5% of Malaysia Airlines, while Khazanah Nasional Berhad will take a 10% stake in AirAsia.
It’s not clear at this stage what the major management changes at Malaysia Airlines will imply for the carrier’s recently announced entry into the oneworld alliance, sponsored by Qantas.
More information in tomorrow’s Travel Daily.