Thai Airways finds new CEO after two-year search

Thai Airways has finally appointed a new CEO after a two-year search.

The company announced it has found a new president and chief executive almost two years after the former leader’s retirement. Charamporn Jotikasthira stepped down from the role in 2016 at age 60.

The board has recommended Sumeth Damrongchaitham and is currently in the process of agreeing salary and other details.

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Sumeth was previously president of state-owned property manager Dhanarak Asset Development Co Ltd and was also COO of GMM Grammy PCL, the largest music and entertainment conglomerate in Thailand.

According to Reuters, Thai Airways reported a 14% fall in net worth in Q1 2018 and made an overall loss in 2017. After two years of uncertainty, Sumeth’s appointment could bring stability to the firm and help reduce these losses.