KUALA LUMPUR: Malaysia Airlines Berhad's (MAB) Chief Executive and Managing Director Christoph Mueller will leave in September, well before the end of his three-year contract, the company said on Tuesday.
The airline said in a statement Mueller was leaving because of "his changing personal circumstances".
Mueller will serve a six-month notice period to September 2016 and has expressed his intention to the MAB board to remain as a non-executive director, the carrier said.
"We are very disappointed to lose Christoph as CEO but we fully understand his reasons and respect his need to do this," MAB Chairman Md Nor Yusof said.
MAB has begun a search for a new CEO and is considering both internal and external candidates, it said.
Mueller formally took charge in May last year to lead restructuring efforts at the airline formerly known as Malaysia Airlines Systems (MAS).
Malaysia state investor Khazanah took MAS private in 2014 as part of a 6 billion Malaysian ringgit ($1.55 billion) restructuring aimed at returning the carrier to profit within three years.
MAS suffered twin disasters in 2014 after flight MH370, which was carrying 239 passengers and crew, disappeared in March. In July 2014 another flight, MH17, was shot down over eastern Ukraine, killing all 298 people on board.
Malaysia Airlines CEO to leave in September
Malaysia Airlines CEO to leave in September
Closing Bell: Saudi main index closes in green at 10,552
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 67.67 points, or 0.65 percent, to close at 10,552.26.
The total trading turnover of the benchmark index was SR3.49 billion ($931.5 million), as 78 of the listed stocks advanced, while 177 retreated.
The MSCI Tadawul Index increased, up 15.15 points, or 1.10 percent, to close at 1,392.59.
The Kingdom’s parallel market Nomu lost 183.55 points, or 0.78 percent, to close at 23,271.1. This comes as 26 of the listed stocks advanced, while 37 retreated.
The best-performing stock was Canadian Medical Center Co., with its share price surging by 6.30 percent to SR6.41.
Other top performers included Saudi Arabian Mining Co., which saw its share price rise by 5.30 percent to SR63.60, and Al Majed Oud Co., which saw a 5.27 percent increase to SR131.90.
Methanol Chemicals Co. posted the biggest decline of the session, with its shares falling 5.98 percent to SR8.17.
Saudi Ground Services Co. saw its shares fall 5.96 percent to SR36, while Alramz Real Estate Co. declined 5.85 percent to SR59.60.
On the announcements front, First Avenue for Real Estate Development said it has acquired full ownership of the Capital Avenue–Al Qirawan Tower in Riyadh for about SR310 million, according to a Tadawul filing.
The acquisition of all partners’ stakes in the Jadwa Capital Avenue Real Estate Fund gives the company full control of the project on King Salman Road. With construction 90 percent complete and final works expected in the first quarter of 2026, the nearly 35,700-sq.-meter tower offers about 15,000 sq. meters of leasable space.
The acquisition, financed through internal resources and bank funding, aligns with the company’s strategy to enhance its portfolio and returns. The transaction is projected to positively impact financial results from the first half of 2027.
First Avenue’s shares traded 0.34 percent lower on the parallel market to reach SR5.88.
