Malaysia Airlines CEO Mr. Mueller who took over the airline in March 2015 has resigned. He had three year contract to turnaround the airline.
Mr. Mueller continues to work for the airline for six months (notice period) during which the airline tries to find new CEO.
Here’s an excerpt from WSJ:
Christoph Mueller, who was roped in last year to revive Malaysia Airlines Bhd., is leaving the carrier as it recovers from the catastrophic loss of two jets in a single year.
Mr. Mueller will leave his position in September due to personal reasons, the carrier’s owner Khazanah Nasional Bhd. said in a statement.
Mr. Mueller started as chief executive on May 1 of last year for a three-year term. He had joined the Malaysia Airlines board in January of that year.
And here from Bloomberg:
A veteran of a turnaround effort at Aer Lingus Group Plc in Ireland, Mueller took over Malaysia Airlines in March 2015, charged with reviving the carrier that was racking up losses even before hundreds of people died in two 2014 crashes. Malaysia’s government bought out small shareholders to delist the airline. After cutting 6,000 jobs, slashing pay and trimming capacity by 30 percent, Mueller said the major changes were done.
“I am proud of what we have achieved as a team in such a short time and that the hard work of all of our employees is already showing the first signs of success. I am looking forward to continuing this exciting task for another six months in my executive position,” he said.
“The airline has been restructured and repositioned to regain its leading position in customers experience and to continue to connect Malaysia with the world, I am confident that the company is now on the right track to succeed in its next phase of growth under a new chief executive,” he added.
It is very rare that CEO decides to steps down less than a year for his three year term. The reason for resignation is “personal reasons”. Let’s hope that Malaysia Airlines can recruit competent replacement.
There is huge corruption scandal surrounding the current prime minister of Malaysia and missing money from their sovereign wealth fund. Not sure if these are anyway related.