The board of Thai Airways International Plc (THAI) Wednesday approved the appointment of Ekniti Nitithanprapas, director-general of the Revenue Department, as the carrier’s new chairman of the board of directors, says a source who was at the meeting. Mr Ekniti will replace Somchai Sujjapongse, the former finance permanent secretary, who quit his civil service career in April.
The board also wants the incoming president, Sumeth Damrongchaitham, who is currently managing director of Dhanarak Asset Management Co, to start working at THAI as soon as possible, the source said. In May, Mr Sumeth was tentatively selected as the new president. The source said that all additional negotiations from the remuneration subcommittee have been completed and the board agreed to hire him. The source said the executives also discussed the current rehabilitation plan, adding that the new president should be able to continue the plan immediately when the current acting president, Usanee Sangingkoeaw, ends her term at the end of September. If Mr Sumeth is appointed, he will take control of an airline struggling for growth in an environment of high fuel costs and competition from low-cost carriers.
Thai Airways reported a 14% drop in net profit for the January-March quarter after booking a loss for 2017.