AirAsia X Bhd (AAX) is the medium-haul low-cost affiliate of Capital A Bhd, on Monday (Oct 31) announced the resignation of Tan Sri Tony Fernandes as the acting chief executive officer, with immediate effective date, nearly four months after being appointed to the position. The reason for his decision to resign was "due to commitments elsewhere" according in the company's submission to the exchange in his local area.
Tony Fernandes who was recently appointed acting group CEO as well as his role as a non-independent director for AAX in July of this year, is set to step off of his executive positions at AAX to ensure an easy transition of leadership. Tunku Datuk Mahmood Farwzy is appointed the independent director non-executive for Thai AirAsia X (Thai AAX) which is effective today, AirAsia said in a statement later in the evening, online casino malaysia stated.
AAX announced that two of the significant changes in its top management team were designed to prepare the company for the next stage of growth as a mid-range airline in addition to ensuring a smooth transition to a new leadership.
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Fernandes the 58-year-old was appointed the first time as AAX acting group CEO and also its non-independent executive director on July 8 after his resignation from Nadda Buranasiri, the group's CEO in April. was fired as the CEO at Thai AAX. The company then made an update two weeks ago with an amended statement in Bursa Malaysia on Oct 14 that Fernandes was also renamed as an independent executive director.
Fernandes Resignation was announced just a few days after AAX declared that they were in process of drafting a comprehensive plan to regulate its practice Note 17 (PN17) condition.
This is in response to the expiration of a time extension given to Bursa Securities on October 26 to allow AAX to finish the execution of its corporate exercise announced in May of last year that will see the company raise the sum of RM116 million through a one-for one rights offer, in addition to the issuance of a special issue that will raise RM50 million.
AAX was the first airline to be able to meet the requirements for PN17 classification in October last year, following the announcement that its external auditors, Messrs Ernst & Young PLT and Ernst & Young PLT, issued a statement of their opinion regarding the airline's financial statements that were audited for the period of 18 months that which ended June 30th 2021.
Mahmood Fawzy to concentrate on managing AAX, Thai AAX's strategic direction
In the words of AAX, Mahmood Fawzy will be in charge of managing the strategic direction of the company and promoting steady growth for AAX as well as Thai AAX.
Mahmood Fawzy was named AAX chairman on August 1and replacing Tan Sri Rafidah Aziz, who resigned just a month before from the post she held since the airline's listing.
I am delighted to be a part of on the Thai AAX Board of Directors as the organization begins a next phase of expansion. It is a mid-range airline. Our plan is to concentrate on our most loved route, and most profitable middle haul ones first. which have been profitable in the past, including freight operations that leverage important regions, said Mahmood Fawzy.
AAX group is revived and growing rapidly due to a booming demand for cheap middle-range flights across Asia as well as Asia Pacific. The return of AAX along with Thai AAX as the top affordable carriers within the medium-range segment, was not possible without the exceptional leadership and the support of Tony as group CEO in interim. In a brief time span of just six months, AAX has already increased its cash flow by more than 100 percent compared to the time it reopened in April with plans for a steady continuation of this upward trend," he added.
To satisfy the "overwhelming demand from consumers", Mahmood Fawzy said that the AAX group has launched an array of new services to both Malaysia located AAX (D7) as well as Thailand TAAX (XJ), "with many more coming in the near future".
Fernandes in his own words, however, stated that the company has since upgraded its cost structure and also created the cargo division, which has contributed around 20% of the company's revenues during the outbreak which will play an important part in the revival of AAX.
I entered the office with a clear goal to revive AAX and get it back on track from the dead. I am pleased that this was accomplished with a highly edifying strategy of 20 aircraft to the AAX Group -- 13 aircraft from AAX, and seven aircraft for Thai the AAX.
I'm now focusing on providing significant benefits for shareholders from Capital A, including the AirAsia Aviation Group, aviation services logistics, travel finance and Lifestyle platform explained Fernandes.
AAX share prices, which ended the day unchanged at 39.5 Sen, are down 39.23 percent from the year before. The company's market capitalisation currently is RM161.8 million.