Pakistan International Airlines (PIA) has shortlisted Tewolde Gebremariam, former chief executive officer (CEO) of Ethiopian Airlines Group, to lead the company as its next CEO, Bloomberg reported citing a person familiar with the matter.
The company hopes to make the appointment official by Sunday though formal processes are still pending, the person said, requesting not to be named as the details remain private.
Neither PIA nor Tewolde have responded to requests for comment, however, sources told The Current that Gebremariam seems to be more interested in an advisory role.
Bringing Tewolde on board could strengthen the position of the Arif Habib led consortium which recently bought a majority stake in the national carrier and is now working to turn the airline around.
Tewolde led Ethiopian Airlines through a period of expansion that made it Africa’s largest carrier connecting cities across the continent through its Addis Ababa hub.
PIA has depended on government bailouts for years as it dealt with heavy losses and mounting debt tied to operational inefficiencies an aging fleet and political interference. The consortium now plans to win back market share by adding direct flights and expanding the fleet to 38 planes.
The new owners closed the PKR 180 billion ($645 million) deal last month, covering both the stake purchase and fresh investment into the airline.
Bloomberg reported that they have also agreed to buy out the government’s remaining 25 percent stake at a premium over the original price.
