{"id":213896,"date":"2022-11-03T05:18:00","date_gmt":"2022-11-02T22:18:00","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=213896"},"modified":"2022-11-03T05:59:55","modified_gmt":"2022-11-02T22:59:55","slug":"airasia-x-fernandes-steps-down","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2022\/11\/airasia-x-fernandes-steps-down\/","title":{"rendered":"AirAsia X: Fernandes steps down"},"content":{"rendered":"\n<p>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.<\/p>\n\n\n\n<p>The AirAsia X announcement says it is \u201cpreparing for the next phase of growth as a mid-range airline\u201d. 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.<\/p>\n\n\n\n<p>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 &#8211; AAX and TAAX.<\/p>\n\n\n\n<p>Tunku Dato\u2019 Mahmood Fawzy commented: \u201cOur 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.<\/p>\n\n\n\n<p>He claimed that in just six months, AAX&nbsp; 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).\u201d<\/p>\n\n\n\n<p>Fernandes commented: \u201cI 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 \u2014 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\u2019s revenue during the pandemic and will continue to play a vital role in the recovery of AAX.<\/p>\n\n\n\n<p>\u201cI 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\u2019m 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,\u201d Fernandes concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u201cpreparing for the next phase of growth as a mid-range airline\u201d. Tony Fernandes, who was recently appointed as the acting [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":213918,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469,1321,3],"tags":[],"class_list":{"0":"post-213896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-airlines","8":"category-malaysia-mekong-region","9":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>AirAsia X: Fernandes steps down - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2022\/11\/airasia-x-fernandes-steps-down\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AirAsia X: Fernandes steps down - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"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. 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