In brief
AirAsia X says Tunku Dato’ Mahmood Fawzy has stepped down as chairman, effective December 15, 2023. The company credits his tenure with helping address its Practice Note 17 classification and reports improved financial and operational performance, including a return to quarterly net profits and positive shareholders’ equity. Bursa Malaysia removed the company’s PN17 classification on November 21, 2023. Independent non-executive director Farouk Kamal is also leaving AAX to pursue opportunities within Capital A. Deputy Chairman Dato’ Fam Lee Ee will serve as acting chairman until the board appoints a successor. AAX said both departing directors joined in June 2022, and Mahmood Fawzy became board chairman in August 2022.
Key takeaways
- Tunku Dato’ Mahmood Fawzy left the chairmanship effective December 15, 2023.
- AAX says it recorded consecutive quarters of net profit and positive shareholders’ equity during its turnaround.
- Bursa Malaysia lifted AAX’s PN17 classification on November 21, 2023.
- Farouk Kamal is leaving AAX for opportunities within Capital A; Deputy Chairman Dato’ Fam Lee Ee becomes acting chairman.
AAX Independent Non-executive Director Farouk Kamal moves on to Capital A
SEPANG, December 15, 2023 -- Farouk Kamal
Tunku Dato' Mahmood Fawzy
AirAsia X (AAX) today announces that Tunku Dato’ Mahmood Fawzy Bin Tunku Muhiyiddin has ended his service as Chairman effective 15 December 2023, leaving behind an indelible legacy of achievement.
Tunku Dato’ Mahmood Fawzy was appointed with a clear mandate to steer AAX in addressing its Practice Note 17 (PN17) classification. Following his appointment, AAX has turned around its financial position from 12 quarters of losses to registering fifth consecutive quarters of net profit, recorded a positive shareholders’ equity, and demonstrated significant operational improvement across all other key metrics as evidenced in the third quarter of this year.
Based on its improved operating and financial performances, AAX had on 21 November 2023 received PN17 upliftment from Bursa Malaysia.
AAX Non-Independent Executive Director and Founder, Datuk Kamarudin Meranun said: “We owe a huge debt of gratitude to Tunku Dato’ Mahmood Fawzy for his invaluable contributions to AAX's growth and success post-debt restructuring. His vision and dedication have been instrumental in reshaping AAX as a world-leading low-cost mid-range airline and we stand poised to continue our journey as a trailblazer in the aviation industry, leveraging the strong foundation laid under his stewardship. He will always be part of the AAX family and we wish him the best in his future endeavours."
AAX Independent Non-executive Director Farouk Kamal will also leave his position in the company to pursue new opportunities within Capital A, to be announced in due course.
Dato' Fam Lee Ee, the current Deputy Chairman, will assume the role of Acting Chairman of the Company until the Board formalises the appointment of a new Chairman of the Board, which is imminent.
The Board of Directors also expresses their profound gratitude to Tunku Dato’ Mahmood Fawzy for his transformative leadership, which has left the company on an upward trajectory, and Farouk Kamal for his vast experience and business insights which saw the Company maintained the momentum on its network recovery strategy in the third quarter of this year.
Both Tunku Dato’ Mahmood Fawzy and En Farouk Kamal joined AAX as an Independent Non-Executive Director in June 2022. Tunku Dato’ Mahmood Fawzy was then appointed as the new Chairman of the Board of Directors on 1 August 2022.
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Questions around this news
What does PN17 upliftment mean in this announcement?
Practice Note 17 is a Bursa Malaysia classification for companies facing specified financial or other conditions. The release says the company received upliftment from the classification on 21 November 2023, following improved operating and financial performance. It describes the chairman’s mandate as helping address the company’s PN17 status.
Who will lead the board after the chairman steps down?
Dato’ Fam Lee Ee, then the company’s Deputy Chairman, is to serve as Acting Chairman. He will hold the role until the board formalizes the appointment of a new chairman. The release says that appointment was expected imminently, but does not identify who would take the permanent position.
Why is Farouk Kamal leaving the company?
The release says Farouk Kamal will leave his position as an Independent Non-Executive Director to pursue new opportunities within Capital A. It adds that details of those opportunities would be announced later. He and the departing chairman had both joined the board in June 2022.
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