AirAsia X Chairman steps down after a successful turnaround

AAX Independent Non-executive Director Farouk Kamal moves on to Capital A

SEPANG, 15 December 2023 - 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 Meranunsaid: “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.