ISLAMABAD: The recently privatized Pakistan International Airlines (PIA) appointed former Ethiopian Airlines chief executive Tewolde Gebremariam as its new Chief Executive Officer (CEO).
The appointment comes shortly after completion of the first phase of PIA’s privatisation, transferring management control of the PIACL to the Arif Habib-led consortium under the Share Purchase and Subscription Agreement (SPSA).
This new top-level appointment aimed at reviving operations, improve efficiency and restore profitability, according to officials familiar with the matter said. Mr. Tewolde, who transformed Ethiopian Airlines into Africa’s largest airline during his tenure, has been selected as the PIA new CEO following the airline’s acquisition by a consortium led by the Arif Habib Group. Official sources said that the airline would formally announce the appointment after all mandatory security clearances completed.
Tewolde is widely recognised for transforming Ethiopian Airlines into Africa’s largest and one of its most profitable carriers, significantly expanding its international route network, industry analysts said his experience in managing large-scale airline expansion and restructuring could play a crucial role in PIA’s revival.
Under the first phase of the transaction, the consortium paid Rs10 billion to the government as the initial sale consideration and injected Rs80 billion into PIACL as fresh equity to strengthen the airline’s financial position, modernise its fleet, expand international operations and improve customer services, officials said.
Tewolde’s appointment is expected to play a key role in implementing the new owners’ strategy to restore PIA’s operational efficiency and strengthen its position in regional and international aviation markets.
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