Thai Airways Names New CEO Amid Restructuring Plan

[webfact]

 

by Paul Rujopakarn
    
BANGKOK (NNT) - Thai Airways International PCL on Friday (26 Nov) said Chai Eamsiri would become the company’s chief executive from February 1, as it proceeds with a pandemic-driven restructuring plan.

 

The company said in a statement that Chai, currently the firm’s chief financial officer, was chosen for the top job from 53 internal and external candidates.

 

It also said, "The appointment is a crucial next step to build trust and confidence among the creditors, passengers and business partners," adding that Chai had 37 years of experience and knowledge in the Thai aviation industry.

 

The airline, which has had acting CEOs since 2020, opened applications for the top job in September. Candidates were required to be Thai nationals in line with government regulations.

 

Thai Airways began bankruptcy-protected restructuring of debt worth 400 billion baht (US$11.17 billion) last year.

 

The new CEO will have to work with the restructuring committee and oversee the airline’s recovery.

 

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221126183902529

 

-- © Copyright NNT 2022-11-28

 

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[steven100]

53 minutes ago, webfact said:

Candidates were required to be Thai nationals

oh dear  !    this inept national carrier will never learn by the looks of things .... 

the new CEO was the old CFO ...  

What could possibly go wrong    !!

[Bangkok Barry]

3 hours ago, webfact said:

Candidates were required to be Thai nationals in line with government regulations.

Same old same old, then. In the real world businesses appoint the best there is wherever they're from, but in Thailand that's against the law.

[Srikcir]

3 hours ago, webfact said:

as it proceeds with a pandemic-driven restructuring plan.

It was a bankruptcy-driven restructuring plan resulting from many years of losses and continuous infusion of capital from the Thai Treasury (Thailand having majority interest). Creditors would have likely forced a restructuring plan regardless of the Covid-19 pandemic.

[Dan747]

The Ole CFO will be the new CEO from a Bankrupt Thai Int'l. Airline-LOL more of the "SAME!"

[Olmate]

13 minutes ago, Dan747 said:

The Ole CFO will be the new CEO from a Bankrupt Thai Int'l. Airline-LOL more of the "SAME!"

Shame, would have been ideal for quaint Qantas boss who, s worn out his welcome! 

[If I should die]

Wise move, hiring an outsider and even more so a foreigner might have led to some real operational changes, perhaps even to senior executives and board members having to put in effort rather than simply taking out rewards. 

[lujanit]

So the CFO is ultimately responsible for the financial state of affairs at Thai Airways gets the nod for the top job.  How much worse can it get?

 

The smartest thing he can do is hire an expat as an advisor with knowledge of how an airline should be run, and follow their advice to the T.  No protection of the big boys jobs, they should be the first ones to go.

[Burma Bill]

6 hours ago, webfact said:

currently the firm’s chief financial officer, was chosen for the top job

Well I never - must keep the "freebies" continuing!!!!

[steven100]

6 minutes ago, Burma Bill said:

Well I never - must keep the "freebies" continuing!!!!

Bill,  isn't that one of the most ridiculous decisions you've ever heard of ....  a previous CFO who looks after the books & cash and the company goes into bankruptcy ....  and they re-hire him as the boss. 

This has got to be up there to win the Darwinism award surely.

[seajae]

makes you wonder who got "bonuses" from  the airline while this person was doing the books, looks like it was some very high up people seeing he has been put in charge after sending the carrier down the gurgler with his money management skills, the only way o get ahead in Thailand is to make sure you take care of the big bosses or have the right name

 

[hotchilli]

7 hours ago, webfact said:

The airline, which has had acting CEOs since 2020, opened applications for the top job in September. Candidates were required to be Thai nationals in line with government regulations.

We can't have an outd-siders getting involved in the company and upsetting the revenue stream.

[hotchilli]

6 hours ago, steven100 said:

oh dear  !    this inept national carrier will never learn by the looks of things .... 

the new CEO was the old CFO ...  

What could possibly go wrong    !!

Same but different.. if you get my drift.

[Scottie12]

Thai were internationally respected and profitable when the Scandinavians were in charge, now they have no chance.

[realfunster]

10 hours ago, webfact said:

that Chai had 37 years of experience and knowledge in the Thai aviation industry.

That's great.

How many of those were what might be described as 'successful' years ?

 

[Phoenix Rising]

9 hours ago, steven100 said:

oh dear  !    this inept national carrier will never learn by the looks of things .... 

the new CEO was the old CFO ...  

What could possibly go wrong    !!

Yes, and of course approved by the heroic General Prime Minister. Quite a guy, isn't he!

[bangon04]

7 hours ago, Dan747 said:

The Ole CFO will be the new CEO from a Bankrupt Thai Int'l. Airline-LOL more of the "SAME!"

"adding that Chai had 37 years of experience and knowledge in the Thai aviation industry."

 

How many THAI  bailouts has he experienced so far??

[madmitch]

2 hours ago, bangon04 said:

"adding that Chai had 37 years of experience and knowledge in the Thai aviation industry."

 

How many THAI  bailouts has he experienced so far??

Yep. He's an expert at asking the Government for more money!

[spidermike007]

Rule #1. Lower prices, so you are competitive. 

 

Rule #2. Improve service, get rid of the surly flight attendants and improve baggage handling. 

 

Rule #3. Stop giving free business class tickets to the army and administration officials. Just say no to the  creeps. 

[Jimjim1]

16 hours ago, steven100 said:

oh dear  !    this inept national carrier will never learn by the looks of things .... 

the new CEO was the old CFO .

Yes and having spent 37 years presiding over the eventual fall of this once great airline did he learn anything? 
I have yet to see any evidence of anything other than rip off ticket prices.
 

In an effort to remain loyal I paid £900 return LHR BKK LHR and the sister offshoot Thaismile hammered me for 6,000baht return BKK to KK, BKK, both sets of prices are grossly unfair and unjustified.
These were astronomical rip off prices especially as respectively they used to be £450 to £520 and £680 on a very bad day return LHR and 2400 Baht return BKK to KK so now I have weighed up the time wasted waiting in the airports for domestic flights and decided to take the bus and enjoy the ride in good air conditioned comfortable lay back seats whilst watching a movie on my iPad.

 

Wakeup T/A you are losing loyal customers because of your self imposed intransigence and if you continue on this path your creditors will see you for what you have become.

 

[steven100]

8 hours ago, Jimjim1 said:

In an effort to remain loyal

They don't want your loyalty .....   they want your money

[DonniePeverley]

On 11/28/2022 at 12:04 AM, Bangkok Barry said:

Same old same old, then. In the real world businesses appoint the best there is wherever they're from, but in Thailand that's against the law.

 

In some regards you have to admire that attitude at times. 

[Olmate]

1 hour ago, DonniePeverley said:

 

In some regards you have to admire that attitude at times. 

Agree Don.. Take a look at how the quaint pom ceo has stuffed the once fabulous flying kangaroo

[Bangkok Barry]

1 hour ago, DonniePeverley said:

On 11/28/2022 at 7:04 AM, Bangkok Barry said:

Same old same old, then. In the real world businesses appoint the best there is wherever they're from, but in Thailand that's against the law.

 

In some regards you have to admire that attitude at times. 

So second best is good enough? Okay.

[Jimjim1]

9 hours ago, steven100 said:

They don't want your loyalty .....   they want your money

Isn’t that one and the same?

[Willy Wombat]

7 hours ago, Olmate said:

Agree Don.. Take a look at how the quaint pom ceo has stuffed the once fabulous flying kangaroo

He’s Irish 

[josephbloggs]

On 11/28/2022 at 9:41 AM, steven100 said:

Bill,  isn't that one of the most ridiculous decisions you've ever heard of ....  a previous CFO who looks after the books & cash and the company goes into bankruptcy ....  and they re-hire him as the boss. 

This has got to be up there to win the Darwinism award surely.

How long had he been CFO?

[josephbloggs]

21 hours ago, Jimjim1 said:

Yes and having spent 37 years presiding over the eventual fall of this once great airline did he learn anything? 
I have yet to see any evidence of anything other than rip off ticket prices.
 

In an effort to remain loyal I paid £900 return LHR BKK LHR and the sister offshoot Thaismile hammered me for 6,000baht return BKK to KK, BKK, both sets of prices are grossly unfair and unjustified.
These were astronomical rip off prices especially as respectively they used to be £450 to £520 and £680 on a very bad day return LHR and 2400 Baht return BKK to KK so now I have weighed up the time wasted waiting in the airports for domestic flights and decided to take the bus and enjoy the ride in good air conditioned comfortable lay back seats whilst watching a movie on my iPad.

 

Wakeup T/A you are losing loyal customers because of your self imposed intransigence and if you continue on this path your creditors will see you for what you have become.

 

All airlines are charging almost double what they did before, it is a global thing, can't blame Thai for that.

However, on some routes they do price themselves out, especially long haul..  On some routes they are reasonable or even cheaper than the opposition.  

[josephbloggs]

12 hours ago, steven100 said:

They don't want your loyalty .....   they want your money

They are a business, what else would they want?

[josephbloggs]

On 11/28/2022 at 4:53 PM, madmitch said:

Yep. He's an expert at asking the Government for more money!

Is he? How many times has he done that? How long did he hold the CFO role for?