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.