Garuda Indonesia Reshapes Board, Adds Foreign Executives

Garuda Indonesia has reshuffled its leadership team and appointed two foreign executives to support the airline’s ongoing restructuring under new majority owner Danantara Indonesia, the state sovereign wealth fund. The changes were approved during an extraordinary general meeting on October 15, according to a filing with the Indonesia Stock Exchange.

Glenny Kairupan, a former commissioner and retired air force officer, has been named chief executive officer, replacing Wamildan Tsani. Thomas Sugiarto Oentoro has been appointed vice president director, while Frans Dicky Tamara will fill Kairupan’s former commissioner seat.

Investment minister and Danantara Indonesia chief executive Rosan Roeslani said the appointments of Balagopal Kunduvara and Neil Raymond Mills to senior roles align with the carrier’s transformation goals. Kunduvara, who spent 25 years at Singapore Airlines, will serve as finance and risk management director. Mills, who previously held executive roles at Air Italy, Green Africa Airways, and SAS Scandinavian Airlines, will oversee strategic transformation.

Rosan noted that the revised law now permits state-owned enterprises to appoint foreign nationals to leadership positions, calling their expertise a valuable addition to Garuda’s turnaround effort. He added that Danantara Indonesia, through its asset management subsidiary, will continue to closely monitor operational and financial progress.

Garuda Indonesia is in the second phase of its recapitalisation plan, which includes a USD1.8 billion capital injection comprising new equity and a loan-to-equity conversion. Once completed, Danantara Indonesia’s ownership stake is expected to increase to around 93.5%. A shareholder vote to approve the recapitalisation is scheduled for November 12.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com