KUALA LUMPUR: Tunku Datuk Mahmood Fawzy Tunku Muhyiddin (pic) has ended his service as chairman of AirAsia X
on Dec 15, 2023, after having fulfilled his mandate to steer the long-haul budget carrier out of its financial malaise.
AirAsia X noted that following Mahmood Fawzy's appointment, it turned around its financial position from 12 quarters of losses to registering five consecutive quarters of net profit.
It also recorded a positive shareholders’ equity, and demonstrated significant operational improvement across all other key metrics as evidenced in the third quarter of this year.
Based on its improved operating and financial performances, AirAsia X had on Nov 21, 2023, received Practice Note 17 upliftment from Bursa Malaysia.
Mahmood Fawzy had joined the board of AirAsia X as an independent non-executive director in June 2022, and appointed the chairman on Aug 1, 2022.
"We owe a huge debt of gratitude to Tunku Datuk Mahmood Fawzy for his invaluable contributions to AAX's growth and success post-debt restructuring.
"His vision and dedication have been instrumental in reshaping AAX as a world-leading low-cost mid-range airline and we stand poised to continue our journey as a trailblazer in the aviation industry, leveraging the strong foundation laid under his stewardship," said AirAsia X non-independent executive director and founder Datuk Kamarudin Meranun in a statement.
Following his departure, Datuk Fam Lee Ee, the current deputy chairman, will assume the role of acting chairman of the company until the board fomalises the imminent appointment of a new chairman.
Meanwhile, AirAsia X said independent non-executive director Farouk Kamal will be leaving his present role in the company to pursue new opportunities within Capital A, to be announced in due course.
