Thai Airways Focuses On Balance Sheet As It Names New CEO

Thai Airways CFO Chai Eamsiri has edged out 53 internal and external candidates to become the flag carrier’s new CEO.

He will take over on Feb. 1, 2023, from Suvadhana Sibunruang, who has been acting CEO since June 2021.

Thai Airways says the CEO selection specification and evaluation conditions were developed through the airline’s financial rehabilitation and privatization processes. Eamsiri, who, the airline says, has 37 years of experience in the Thai aviation industry, was brought in during 2020 to help implement the carrier’s rehabilitation plan.

“He has also obtained extensive financial and accounting literacy which is highly significant in achieving the rehabilitation plan amendments including earning new loans, restructuring capitals, and managing financial discipline to boost profit and accomplish the plan,” the Star Alliance member says in a statement.

A Thai court asked the airline to amend its rehabilitation plan in October following the improvement in operating conditions and its cash flow.

Following the easing of borders restrictions, Thai Airways recorded a THB3.9 billion ($110 million) operating profit in the 2022 third quarter (Q3), against a THB5.3 billion loss last year. Against a low 2021 base, Q3 revenue improved more than five-fold to THB32.8 billion. However, the carrier still posted a THB4.8 billion net loss, and a THB11.2 billion net loss for the first nine months of 2022.