Home Business KQ kickstarts search for new CEO

KQ kickstarts search for new CEO

by kenya-tribune

Kenya Airways is seeking to replace Mikosz who leaves the firm in December. Sebastian Mikosz issued a resignation letter in May citing personal reasons for his resignation.

According to the board chairman, it is high time the firm starts the replacement process before the December deadline when the CEO seat will be vacant. The board will come up with a decision soon and announce the recruitment criteria.

Sebastian Mikosz’s tenure was to end in June 2020. Under his tenure, KQ launched direct flights to New York, Mauritius, Libreville, and Mogadishu leading to revenue growth of 12 percent to KSh58 billion. In addition, he oversaw a plan where banks converted their debt into equity.

KQ is cash strained and made losses amounting to KSh8.5 billion in the first half of 2019. Part of the reason is flight cancellations and delays that have seen KQ spend KSh118 million from January to July to cater for accommodation.

Furthermore, KQ’s crew mismanagement has led to crew shortage and crew no show leading to the cancellation of 182 flights.

In addition, Competition from Ethiopian Airlines and Qatar Airways poses a threat to Kenya Airways.

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