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20 October 2017

Khazanah statement on new Malaysia Airlines CEO

As provided for in the 12-point MAS Recovery Plan (“MRP”), Khazanah Nasional Berhad (“Khazanah”) supports and approves the appointment of Capt. Izham Ismail as Executive Director and Group Chief Executive Officer (“GCEO”)-designate of Malaysia Airlines Berhad (“MAB”) with immediate effect. This follows the resolution of the MAB Board of Directors earlier today and upon consultation and approval of the Chairman of Khazanah, Y.A.B. Dato’ Sri Mohd Najib Tun Abdul Razak.

The MRP launched by Khazanah on 29 August 2014 provides for the development and succession of Malaysian leadership talent as a key component of the overall restructuring effort. In this regard, the appointment of Capt. Izham is in line with the succession plan that has been put in place at MAB. Capt. Izham, who is currently Chief Operating Officer (“COO”), has broad aviation experience and a 38-year service record with Malaysia Airlines, beginning as a pilot with the national flag carrier in 1979.

Khazanah notes that as COO, Capt. Izham has played an integral role in the on-going execution of the turnaround plan for Malaysia Airlines. His appointment as GCEO will ensure continuity and further progress of the overall restructuring effort under the five-year MRP.

The implementation of the MRP over the 38-month period since its launch – nearly two-thirds of its five-year duration – remains on track. As provided for by the MRP, the restructuring of Malaysia Airlines follows a well laid-out governance and approval framework. The framework sees Khazanah, the MAB Board of Directors, management and staff working closely together, with the full support of the Government, to deliver the progress of the restructuring to date. This collective approach will continue to drive the restructuring of Malaysia Airlines further forward on the path towards full recovery and sustainable profitability.

END



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