KUALA LUMPUR: Tunku Mahmood Fawzy Tunku Muhiyiddin has stepped down as AirAsia X (AAX) chairman effective Dec 15, 2023 after helming the position for nearly a year and a half.
In a statement AAX said its deputy chairman Datuk Fam Lee Ee will assume the role of acting chairman until the board formalises the appointment of a new chairman.
Mahmood Fawzy took on the role in August last year replacing Tan Sri Rafidah Aziz who has held the position since 2013.
AAX stated he was appointed with a clear mandate to steer the company in addressing its Practice Note 17 (PN17) classification.
"Following his appointment, AAX has turned around its financial position from 12 quarters of losses to registering fifth consecutive quarters of net profit, recorded a positive shareholders' equity, and demonstrated significant operational improvement across all other key metrics as evidenced in the third quarter of this year.
"Based on its improved operating and financial performances, AAX had on November 21, 2023 received PN17 upliftment from Bursa Malaysia," it noted.
Meanwhile, AAX independent non-executive director Farouk Kamal will also leave his position in the company to pursue new opportunities within Capital A, to be announced in due course.