The Acting Chief Executive Officer of PIA - Pakistan International Airlines (PK, Islamabad International), Bernd Hildenbrand, has been relieved from his post, reports Pakistani media. Chief Financial Officer, Nayyar Hayat, who has been acting CEO while Hildenbrand has been on leave, will take on CEO duties.
Over the past year, Hildenbrand has been the subject of a number of accusations. Among these are that he sold an airworthy A310-300 to a museum for below its market price, and that he made a bad deal wet-leasing an A330-300 from SriLankan Airlines (UL, Colombo International). The Sri Lankan aircraft was deployed on the Premier Islamabad International – London Heathrow route which allegedly lost PKR1.5billion (USD14.3 million) over the course of its operation.
Hildenbrand was placed on an Exit Control List (ECL) last year pending an investigation. However, The Tribune reports that the ECL listing was a visa hiccup and nothing to do with the investigation into Hildenbrand's management of PIA.
Speaking to Reuters last month, Hildenbrand said this conscience was clear. "I haven’t done anything wrong. There’s no question of any corruption on my part," he said.
New acting CEO Nayyar Hayat has said that PIA's management is committed to regaining market share and improving seat load factor. He also announced that PIA will increase the 2x weekly Karachi International – London service to daily.
