Thai Airways appoint new CEO

Thai Airways appointed CFO Chai Eamsiri as CEO. Chai will take up his new role on February 1.

Chai was chosen from 53 internal and external candidates, including domestic and international aviation executives. The recruitment processes involved psychometric testing for leadership capability. Applicants also presented their vision for the company to the selection committee.

With an MBA from Kasetsart University and an undergraduate degree from Assumption University, backed up by 37 years in the Thai aviation industry, Chai has all the attributes and qualifications for the position.

Chai is on the board of Bangkok Aviation Fuel Services and THAI Flight Training Co. In particular, Chai brings the financial and accounting skills required to steer the airline’s rehabilitation plan, including negotiating new loans, restructuring capital and managing financial discipline. He has played a pivotal role in the rehabilitation plan for two years.

The airline made a 3.9-billion-baht (US$110 million) profit in Q3, compared to a 5.3-billion-baht loss in the same period last year. The national carrier and subsidiaries recorded a revenue of 32.9 billion baht in Q3, more than six times last year’s number. Revenue from passengers and cargo stood at 30.9 billion baht thanks to more frequent flights in the first half of the year with the reopening of routes that were closed due to the pandemic.

THAI has total assets of 183 billion baht (US$5.1 billion), up by 22 billion baht from the beginning of the year, and liabilities of 266 billion baht, up by 33 billion baht.

Thanks to fast-growing ticket sales, the cash balance has risen steadily from 6 billion baht (US$170 million) in March to 23.3 billion baht in Q3.