Aer Lingus CEO tapped as new head of Malaysian Airlines
Troubled Malaysian Airlines has finally announced a new chief executive.
Christoph Mueller, the current chief executive of Ireland’s Aer Lingus, will take over next year and becomes the airline’s first ever foreign head as it begins a major restructuring.
German national Mueller has been CEO of Aer Lingus since 2009 and his contract is due to expire in May 2015.
Sovereign wealth fund Khazanah Nasional, the majority shareholder of Malaysia Airlines, said it is hopeful Mueller can start work before then but stated it would be ‘no earlier than March 1.’
The ‘new’ Malaysia Airlines will officially relaunch in July with a $1.73 billion overhaul which will include culling 30% of its workforce.
Khazanah hopes Malaysia Airlines can regain profitability by 2017.
MAS had suffered big losses even before it was hit by two air disasters this year claiming the lives of over 500 passengers and crew.
A week ago MAS reported third quarter losses of MYR576.1 million ($166 million) and also said it will suspend trading in its shares from December 15 when Khazanah Nasional will regain full control, clearing the way for the start of the restructuring program.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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