Crisis leads THAI president to sack

Crisis leads THAI president to sack

BANGKOK: The board of directors of Thai Airways International
(THAI) has curtailed its president's responsibilities to bring in
a financial expert to tackle the airline's mounting crisis caused
by rising oil prices, the transport minister confirmed on
Thursday.

The board decided on Wednesday night to temporarily replace
THAI's President Kanok Abhiradee with Somchaineuk Engtrakul, a
former finance ministry permanent secretary, to solve the
national carrier's financial problems, acknowledged Transport
Minister Pongsak Rattanapongpaisal.

"High oil prices is the main problem THAI is facing, combined
with a decline in passengers," said Pongsak.

Kanok has been put in charge of marketing and sales,
Somchaineuk told a press conference.

"I will be here for only three months to improve the airline's
financial performance and cut costs," said Somchaineuk.

THAI, a listed company, has yet to officially announce its
third quarter performance to the Stock Exchange of Thailand
(SET), but a huge loss is expected for the April to June period.
Like most of Thailand's state enterprises, THAI's fiscal year
begins on Oct. 1 and ends Sept. 30.

THAI has reportedly witnessed a dramatic drop-off in passenger
numbers on its Asian routes, blamed in part on the Dec. 26
tsunami, which killed 5,400 people and scared tourists away from
the country. -- DPA