Thai Airways appoints new president

BANGKOK (Reuters) – Thai Airways International has appointed Charamporn Jotikasthira, former president of the Thai stock exchange, to lead a turnaround of the loss-making flag carrier.

The state- controlled airline has made a net loss in the past five quarters and has been awaiting the appointment of a new company president since July 1 after Chokchai Panyayong resigned to allow the military government to select its preferred candidate.

"Charamporn is the most suitable to help recover the airline. He will get involved in outlining the restructuring plan and business strategies," acting Chairman Areepong Bhoocha-oom said on Wednesday, adding that the board wants Charamporn to start work as early as next month.

Charamporn, a former executive at Siam Commercial Bank , was not available for immediate comment.

Hit by weak tourism after months of political unrest that resulted in the military government's May coup, Thai Airways is on track to implement strategies to boost revenue by 3 billion baht ($91.41 million) this year and cut operating costs by 4 billion baht, Areepong said.

It is also working on the restructuring plan for 2015, which will be submitted for board approval in December and government approval by the end of the year.

Areepong said that the airline, which has also had to contend with fierce competition from regional and low-cost rivals, expects to post a net loss this year but return to profit in 2015 after adjusting some routes to European and domestic destinations.