- Reuters
- 7 Hours ago
Muhammad Amir Hayat steps down as CEO of PIA Holding Company
- Web Desk
- Dec 09, 2024
ISLAMABAD: Air Vice Marshal (AVM) Muhammad Amir Hayat on Monday stepped down as the Chief Executive Officer (CEO) of PIA Holding Company Limited (PIAHCL). This was confirmed by the PIAHCL through a notice issued to the Pakistan Stock Exchange (PSX).
The notice stated, “We hereby inform you that AVM Muhammad Amir Hayat has ceased to be the CEO of PIAHCL with effect from December 9, following the completion of his deputation from the Pakistan Air Force to Pakistan International Airlines Corporation Limited (PIACL)/PIAHCL.”
The PIAHCL, a public limited company mostly owned by the government of Pakistan, was set up to manage specific assets, liabilities, and subsidiaries of the PIACL, including certain business operations, properties, rights, and obligations.
This development follows the recent decision by the Board of Directors of the Pakistan International Airlines (PIA) Corporation Limited to appoint Khurram Mushtaq as the acting CEO, after AVM Hayat’s term ended.
Mushtaq, a senior executive within the company, takes charge as PIA prepares for the expected resumption of flights to Europe, after the Europeon Union lifted the ban.
Hayat had been appointed the CEO of the PIAHCL last year for a one-year term during a period when the government started privatising the loss-making state-owned airline.
The PIA’s privatisation remains a major concern for the authorities in Islamabad. The government, under pressure to meet reform requirements set by the International Monetary Fund (IMF) as part of a 37-month, $7 billion bailout, had offered a stake of between 51 per cent and 100 per cent in the debt-laden airline.
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