Mr Sumeth aims to stop the financial bleeding.
The board of Thai Airways International Plc (THAI) has officially appointed Sumeth Damrongchaitham as the new president.
Mr Sumeth’s key mission is to turnaround the national carrier from the red.
The former managing director of Dhanarak Asset Management Co, Mr Sumeth started the job on Sept 1, replacing Usanee Sangingkoeaw, who was acting president from February 2017. He is also appointed acting executive vice-president for finance and accounting.
An aviation expert who requested anonymity speculated that Mr Sumeth will focus on revenue management in his turnaround bid.
A source in THAI said Mr Sumeth will continue the current rehabilitation plan and hopes to enhance competitiveness.
The second quarter was part of the low season and airlines saw fierce competition in part from higher global oil prices.
THAI and its subsidiaries reported an operating loss of 2.8 billion baht in the second quarter, up from 965 million the same period last year.
Total revenue was 47.2 billion baht, up by 2 billion or 4.6% from the same quarter of 2017 as passenger and excess baggage revenue rose.
THAI’s rehab plan consists of increasing revenues, adopting low-cost business models, transforming business units by seeking new business opportunities and increasing efficiency in asset management.
In June it signed an agreement to establish a new joint venture maintenance, repair and overhaul (MRO) facility at U-tapao airport, aiming to develop one of the most advanced MRO centres in the world.