Malaysia Airlines chairman quits

Loss-making Malaysia Airlines said Wednesday that its chairman Mohamed Munir Abdul Majid will leave the flag carrier as it restructures its top team in an effort to return to profit. In a statement to the Kuala Lumpur stock exchange the airline said Munir will leave his post on July 31 when his contract expires but did not provide reasons. He joined the board in August 2004. The chairman's departure comes almost three weeks after Bernard Francis, a senior general manager quit the airline. Francis, who had been at the carrier for nearly six years, handed in his resignation letter on July 3 about five months ahead of the expiry of his contract. The pair's departure comes after Malaysia Airlines posted a first quarter net loss due to rising fuel prices and a strengthening ringgit. The Star newspaper said on July 8 that Tengku Azmil Zahruddin Raja Abdul Aziz, the airline's managing director had sent an e-mail to the management team informing them a restructure was in the offing. Tengku Azmil recently told AFP that Malaysia Airlines aims to claw its way back into profit with a $8.4 billion fleet renewal plan to hold off as competition from budget and high-end rivals.