Thai Airways names new acting president

BANGKOK: The board of Thai Airways International Pcl has appointed Air Chief Marshal Siwakiat Jayema as acting president from July 1 as the country’s military rulers reshuffle and restructure the loss-making carrier hit by months of political unrest.

Siwakiat, also a board member, replaced Chokchai Panyayong, who had resigned from the acting post while maintaining his job as senior executive vice president in charge of corporate strategy and sustainable development, the airline told the Stock Exchange of Thailand on Friday.

This month the airline said other board members, including former chairman Ampon Kittiampon, would step down.

Air Chief Marshal Prajin Juntong, who is overseeing economic matters for the junta, remains chairman of Thai Airways to help turn around the state-controlled airline after the junta refused his resignation.

Prajin said previously he was worried about revenue, but added the airline’s aircraft purchasing plan would not be reviewed. It is due to take deliveries in the next five years.

Thai Airways, which also suffered from fierce competition from low cost and regional rivals, is implementing strategies to boost revenue, cut operating costs and scrap some benefits of the 15 members of the board.

The junta, led by General Prayuth Chan-ocha, has been scrutinising 56 state-owned companies as part of its attempt to reform and take control of the overall state enterprise system and its combined assets of 11 trillion baht ($340 billion). (Reuters)