The CEO of Garuda Indonesia Emirsyah Satar will soon be replaced as the man-in-charge of the national flag carrier.
As reported by Bisnis.com, the Minister of State-Owned Enterprises (BUMN), Dahlan Iskan, has confirmed that Emirsyah Satar’s period of appointment as the head of the airline will occur in October 2014. “The president director of Garuda Emirsyah will be replaced. A suitable replacement candidate is now being sought,” confirmed Iskan in Jakarta on Tuesday, August 5, 2014.
Emirsyah has served two terms as Garuda’s CEO. He was appointed CEO in 2005, promoted internally from his previous job as Finance Director that he held from 2003-2005.
Emirsyah is 55 years old. Government regulations stipulate the CEO of Garuda can serve for a maximum period of to five-year terms.
Dahlan, the Minister responsible for Garuda, remains tight-lipped on who will replace Emirsyah or if his replacement will be sourced internally from the Airline or a professional from the private sector.
Dahlan told the press: “Garuda is now a public company and no longer solely in the hands of its largest shareholder – the Ministry of State-Owned Enterprises. The decision must be discussed.”
Two names that have been mentioned in government and aviation circles as a possible replacement for Emirsyah are the former director of marketing for the Airline Elisa Lumbantoruan and the former CEO of Telkom Rinaldi Firmansyah.
In the first semester of 2014 Garuda booked a loss of US$211.7 million, increasing dramatically from the US$10.7 million loss recorded in the second semester of 2013.
A major cause for Garuda’s losses is currency losses and fuel costs.
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