THAI appoints new CEO: Chai Eamsiri, Effective February 1, 2023
On 25 November 2022, Thai Airways International Public Company Limited (THAI) declared that Chai Eamsiri will be THAI Chief Executive Officer from 1 February 2023.
The CEO Selection Committee, consisting of the Plan Administrators, has chosen Chai Eamsiri from 53 internal and external candidates, which include domestic and international executives in the aviation industry and other industries.
The recruitment processes; specifications, selection and evaluation conditions were developed based on the Company’s context under the rehabilitation and privatization processes.
The roles and responsibilities of THAI new CEO were defined in response to the Psychometric test for leadership competency. Candidates were also obliged to present their visions to the selection committee.
With 37 years of experience and knowledge in the Thai aviation industry, Chai has acquired suitable attributes and qualifications for the position in every dimension. He has also obtained extensive financial and accounting literacy which is highly significant in achieving the Rehabilitation Plan amendments including earning new loans, restructuring capital, and managing financial discipline to boost profit and accomplish the plan.
Chai has worked with international organizations and has been entrusted to be in a special working group of business restructuring initiatives in 2020. He has played a vital role in the company’s Rehabilitation Plan implementation and transformation in the past two years.
At present, Chai has the position of THAI Chief Financial Officer before being appointed a Chief Executive Officer on 1 February 2023.
The appointment is a crucial next step to building trust and confidence among the creditors, passengers and business partners.
THAI new CEO qualifying for this open and transparent
selection process acquires leadership and initiative competencies.
Under his operation, THAI will accomplish the Business Transformation and Rehabilitation goals with long-term
sustainable prosperity.
The airline announced on November 11, 2022, that it made 3.92 billion baht in profit in the third quarter of this year, compared to a 5.31 billion baht loss in the same period last year.
The national carrier said that it and its subsidiaries had recorded a revenue of 32.86 billion baht in the third quarter, up 582% year on year.
Revenue from passengers and cargo stood at 30.89 billion baht thanks to more frequent flights in the first half of the year.
THAI has also reopened routes that were previously closed due to the Covid-19 pandemic.
The total expenses for THAI and its subsidiaries came in at 28.94 billion baht, up 186% from the previous year due to rising operational costs. The price of fuel has risen by 80% compared to the previous year and is responsible for 44 % of the operational cost, THAI said.
As of September 30, THAI and its subsidiaries had total assets of 183.29 billion baht, up by 22.07 billion baht from December 31, 2021. Total liabilities came in at 265.79 billion baht, up by 33.32 billion baht on December 31, 2021.
The shareholders’ equity, meanwhile, is in the deficit by 82.50 billion baht.
However, thanks to fast-growing tickets sales and EBITDA (earnings before interest, taxes, depreciation and amortisation) at over 2 billion baht per month, the company’s cash balance has risen steadily from 6.01 billion baht in March to 13.47 billion baht in June and 23.3 billion baht in September.
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