(MENAFN - Arab News) The board of directors of Gulf Air yesterday accepted the resignation of Chief Executive Officer Samer Majali.
According to an airline spokesperson, the resignation was submitted earlier this year. Majali will remain in his position until Dec. 31.
He joined Gulf Air in 2009 and introduced a restructuring plan to build a national airline that would effectively serve the people and the economy of Bahrain and ultimately ensure its long-term future and success.
In 2010, the airline made significant progress toward commercial sustainability, significantly cutting costs, increasing revenue and reducing operating losses by over 50 million Bahraini dinars despite a difficult operating environment characterized by high-fuel costs and increased competition.
However, in 2011, a combination of local and regional developments and global economic pressures disrupted the airline's financial targets.
The Gulf Air board of directors expressed thanks to Majali for his contribution to Gulf Air and the strong leadership that he provided in the last three years.
The board noted in particular the significant improvements made across the airline specifically in the areas of fleet renewal, service enhancement, operational efficiency and on-time performance. The board also recognized the achievement of Majali in successfully renegotiating the airline's order book resulting in the reduction of the long-term financial liability of the airline by approximately 50 percent.
Majali thanked Bahraini King Hamad bin Isa Al-Khalifa for his leadership, Prime Minister Khalifa bin Salman Al-Khalifa for his support, and Crown Prince Salman bin Hamad Al-Khalifa for his trust, confidence and guidance and finally the members of the Gulf Air board of directors for their counsel.
He also thanked the employees and management of Gulf Air for their support and their hard work toward achieving significant progress during the last three years in a challenging operating environment.