Fernandes steps down as AAX CEO

Fernandes steps down as AAX CEO

PETALING JAYA: Tan Sri Tony Fernandes has stepped down as group chief executive officer (CEO) of AirAsia X Bhd after being appointed to the position almost four months ago.

In a filing with Bursa Malaysia yesterday, the medium-haul budget airline operator stated the reason of the resignation of the 58-year-old Fernandes was due to “other commitments”.

No appointment of a replacement was announced at the time of writing. Fernandes was appointed as the group’s acting CEO and its non-independent non-executive director on July 8 following the resignation of Nadda Buranasiri as the group CEO in April, who quit his post as CEO of Thai AirAsia X Co Ltd.

Just two weeks ago, in an amended announcement to Bursa Malaysia, the group redesignated Fernandes as a non-independent executive director.

Fernandes’ resignation came just days after AAX sought for an extension of six months up to April 28, 2023, to submit a fresh regularisation plan to the Securities Commission.

The carrier, in a filling on Oct 26, said its existing remaining corporate exercise which had been proposed on May 10, 2021, was not completed within the time given.

The remaining proposed corporate exercise, which includes a fundraising exercise as well as the proposal to grant subscription option to a special-purpose vehicle for such a number of new AAX shares, representing up to 15% of the enlarged total number of AAX shares, will not be implemented, said the filing.

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