Kenya Airways/Bloomberg

Moves

Kenya Airways CEO set to quit before end of contract

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The decision by the former CEO of Polish government-owned carrier LOT comes after Kenya Airways reduced losses to just under KSH 6 billion ($59 million) in the year through March 2018 from a record KSH 26.2 billion two years earlier.

Sunday 26, May 2019

(Bloomberg) --Kenya Airways Chief Executive Officer will step down from the troubled state airline five months before the end of his three-year contract.

Sebastian Mikosz, the Chief Executive Officer of Kenya Airways, said, “I have made the decision to shorten my contract term and I have decided to resign on personal grounds effective 31 December.”

Sub-Saharan Africa’s third-biggest carrier by passenger traffic has a plan to be profitable in 2022, though this is dependent on gaining government approval to become the operator of Nairobi Airport.

In a letter to the Capital Markets Authority, the airline’s board agreed to Mikosz’s resignation and will begin recruiting a successor.

Kenya Airways is 48.9 per cent owned by the Kenyan government, which increased its stake as part of a bailout plan in 2016 and Air-France KLM is a minority shareholder.

 

TAGS : Kenya Airways, Capital Markets Authority, Sebastian Mikosz, Air-France KLM

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