Indonesian state airline Garuda's CEO resigns
By Reuters
Dec 11, 2014 06:16 AM EST
Regions
Chief Executive Officer of Indonesia's Garuda airline Emirsyah Satar, accompanied by airline crew, speaks to reporters during the airline's initial public listing in Jakarta in this file photo taken on February 11, 2011. (Photo : Reuters)
The chief executive of PT Garuda Indonesia Tbk (GIAA.JK), Emirsyah Satar, has resigned from his post, the state-owned airline said on Thursday, and a new CEO will be decided upon at a shareholder meeting on Friday.
Satar's resignation comes as no surprise as he had in October told Reuters he would step down within months, after a decade-long stint during which he helped repair the image of the Indonesian flag carrier and restructure its operations.
Satar submitted his resignation letter on Dec. 8 and the state-owned enterprises ministry has accepted it on Dec. 10, Garuda said in a stock exchange filing.
Garuda will decide on his replacement at a shareholder meeting on Friday, Satar told Reuters in a text message.
Garuda fell into the red for a third straight quarter, although the losses narrowed as the company lifted ticket prices for domestic flights to offset weakness in the rupiah.
© Reuters All rights reserved.