SEPANG,3 November 2022: AirAsia X (AAX) confirmed critical changes in the senior management team on Monday as Tony Fernandes stepped down as acting group CEO and board director.
The AirAsia X announcement says it is “preparing for the next phase of growth as a mid-range airline”. Tony Fernandes, who was recently appointed as the acting group CEO in addition to his position as a non-independent non-executive director of AAX last July, stepped down from his senior leadership positions with AAX to ensure a smooth transition in leadership.
Tunku Dato Mahmood Fawzy was appointed as the Independent non-executive director of Thai AirAsia X (TAAX), also both effective on Monday. Following the announcement, Tunku Dato Mahmood Fawzy will focus on overseeing the strategic direction and driving sustainable growth for the medium-haul airline Group – AAX and TAAX.
Tunku Dato’ Mahmood Fawzy commented: “Our strategy is to focus on flying our most popular and profitable medium-haul routes first, which have proven successful in the past, including leveraging cargo operations in key markets.
He claimed that in just six months, AAX increased its cash flow by over 100% compared to when it restarted in April and added new services for both Malaysia-based AAX (D7) and Thailand-based TAAX (XJ).”
Fernandes commented: “I went in with a clear mandate to restart AirAsia X and bring it back to life from hibernation. I am happy that this has been accomplished with a very edifying plan for 20 aircraft for the AAX Group — 13 aircraft for AAX and seven for Thai AAX. My job was to bring the airline back to profitability and growth. We have improved the cost structure and created the cargo business, which has contributed about 20% to the airline’s revenue during the pandemic and will continue to play a vital role in the recovery of AAX.
“I am confident that AAX will come back stronger, providing a great value mid-range travel led by the senior leadership teams in Malaysia and Thailand. I’m now going to focus on delivering significant value to shareholders of Capital A, including the AirAsia Aviation Group, aviation services, logistics, travel, fintech and the e-commerce lifestyle platform,” Fernandes concluded.