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New Nok Air CEO to Present His Business Plan to Board of Directors on 27th September
19th Sep 2017
New Nok Air Chief Executive Officer Piya Yodmani, who took over from Patee Sarasin last Thursday, talked to the Thai media about the new business plan he will present to the airline’s board of directors on 27th September.
Mr. Piya said that one of the priorities is restoring confidence in the Nok Air brand among employees and consumers.
He told in an interview for the Bangkok Post:
My preoccupation is to stop the bleeding and ensure the business turnaround plan is brought to fruition as soon as possible.
The new Nok Air CEO also insisted that there won’t be a purge of current members or an extensive reorganization. However, some senior managers will be relocated to different position to allow them to use their skills better during this business transformation.
He declined to say when Nok Air might turn profitable, saying:
To make any suggestion to that nature would be a breach of the SET [Stock Exchange of Thailand] rules.
Nok Air accrued a combined loss of 4.93 billion Thai baht between 2014 and 2017. A big part of this was the last year’s pilot exodus which was triggered by a dispute with the top brass and led to pilot shortage and mass flight cancelations in February and later months. Just this pilot walkout cost the airline 2.79 billion baht that year.
Mr. Piya, who is described by insiders to have a “hands-on” management style, is expected among other things to repair the relationship with Nok Air’s flag airline Thai Airways International (THAI). THAI used to be Nok Air’s biggest shareholder, but after refusing to subscribe to Nok Air’s new shares, lost the prime position to Thaweechat and Nuttapol Jurangkool, who own a combined 28.9% in the airline, while THAI now has a 21.6% stake. Previously, THAI owned 39.2%.
Before joining Nok Air as its CEO, Mr. Piya resigned the same position at NokScoot. He is temporarily replaced there by NokScoot Chairman Chokchai Panyayong, at least until a more permanent solution is found.
Meanwhile, the now former Nok Air CEO Patee Sarasin officially handed his resignation on Thursday, saying he was not under any pressure to do so and that it was his suggestion. He leaves the company after being at the head since its start 14 years ago.
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