20,000 employees at Malaysia Airlines (MAS) await termination letters following a complete overhaul and restructure into a brand new company.
MAS is set to make its entire workforce redundant before rehiring two thirds of employees to form a smaller airline, with a more regional rather than international focus.
Christoph Mueller, Chief Executive of MAS and former CEO of Aer Lingus, has described the new company as a “start-up”, saying: “I’m hired to run [this] entirely on commercial terms and there’s very little margin for error. It’s not a continuation of the old company in a new disguise. Everything is new.”
Khazanah, Malaysian state investor, has appointed Datuk Mohammad Faiz Azmi, Chief Executive of PricewaterhouseCoopers, to oversee the reconstruction of the new airline. As well as supervising the complete overhaul, he will also be in charge of the moving of all assets and liabilities to new company Malaysia Airlines Bhd, which is due to commence operations in September 2015.
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Source Credits: HR Grapevine