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