Incumbent Kenya Airways Chair Michael Joseph will lead the troubled airline for another three years after shareholders re-elected him during the carrier’s Annual General Meeting (AGM) held in Nairobi on Monday.
Mr. Joseph has been at the helm of KQ since 2016 when he took over from then Chairman Dennis Awori who shifted allegiances to head Toyota Kenya. He has been steering the company’s turnaround during a period that has seen the carrier register losses after losses. As at December 2018, for example, the company had registered a Ksh.7.55 billion loss.
The loss was however an improvement from the Ksh.6.1 billion loss posted in 9 months between March and December in 2017 which stretched to Ksh.9.4 billion when adjusted to a full year result.
“I want to thank shareholders for showing confidence in me. We are working towards efficient network planning and closure of non-profitable routes,” said Mr. Joseph soon after his re-election.
His reappointment coincides with an earlier shock announcement by KQ CEO Sebastian Mikosz in which he pronounced that he would terminate his contract with the airline prematurely in December this year. Mr. Mikosz was to initially serve the airline until June 2020.
According to a news report by Citizen TV, Mr. Mikosz included in the announcement that he would be leaving the airline for personal reasons.
‘It is my personal decision and I have obviously discussed it with board as well as with my family,’ a memo sent to KQ employees informing them about Mr. Mikosz’s departure from the company is quoted as saying by Citizen TV.
Critiques have however maintained their stance that the KQ CEO had run out of options to turn around the ailing airline. Prior to his appointment Mr. Mikosz served as the head of e sky, a travel agency based in Poland.