BUSINESS

TONY FERNANDES SIGNS 5-YEAR EXTENSION AS CAPITAL A CEO

24/04/2024 01:10 PM

KUALA LUMPUR, April 24 (Bernama) -- Capital A Bhd chief executive officer (CEO) Tony Fernandes has signed a new service contract for the next five years, continuing his role to focus on driving the group’s future growth and financial returns.

Capital A independent non-executive director Datuk Fam Lee Ee said the board has approved an incentive package, designed to align the CEO's interests with shareholders and ensure a shared commitment to drive the long-term success and sustainability of the group. 

“His role encompasses steering Capital A towards unlocking enhanced shareholder value through the execution of profitable transactions across the group’s entities within Capital A,” he said at a media briefing today. 

He noted that the incentive package and its details will be presented to shareholders for their approval at the upcoming extraordinary general meeting.

“Fernandes has shown an unparalleled ability to successfully transform Capital A to drive growth and deliver financial returns, earning him a reputation as one of the world's outstanding CEOs,” he said. 

Fam said Fernandes has set Capital A on the right strategic path for ongoing value creation, and the board determined it is in the best interest of the shareholders to extend his tenure. 

“We are confident that, under his guidance, we will achieve even greater milestones in the years ahead,” he said. 

Meanwhile, Fernandes said he envisions Teleport, MOVE Digital, Capital A Aviation Services Group (CAPAS) and Capital A International evolving into separately listed public companies over the next five years. 

“They will share the fundamental AirAsia DNA, characterised by low-cost, high efficiency and a relentless commitment to being independent and resilient market disruptors,” he said. 

He will also focus on returning value to shareholders during his renewed term, while creating a narrow-term strategy for the group, coming out from PN17 status and strengthening its balance sheet. 

Besides the tenure renewal, Tony was also appointed advisor and steward for AirAsia Aviation Group CEO as the airline group embarks on a new era of transformation and growth.

AirAsia Aviation Group chairman Tan Sri Jamaludin Ibrahim said Fernandes will provide strategic oversight over AirAsia Aviation Group, including expansion and succession planning and be the key conduit between Capital A and the aviation business ecosystem to ensure all mutual opportunities were leveraged.

-- BERNAMA 

 

 


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