Malaysia Airlines Chairman Plans Departure by Year-End

(Bloomberg) -- Mohammed Nor Md Yusof, chairman of Malaysia Airlines Bhd., is planning to leave the state-owned carrier by the end of this year, people familiar with the matter said.

Mohammed Nor, who was named chairman of Malaysian pilgrims fund Lembaga Tabung Haji in July, plans to focus on that role after leaving the airline, said one of the people, who asked not to be identified because the information is private. He joined Malaysia Airlines as chairman in August 2011, after an earlier stint as managing director from 2001 to 2004.

Malaysia Airlines Chairman Plans Departure by Year-End

The airline has been seeking to transform itself since Khazanah Nasional Bhd. took it private in 2014 following two tragic incidents -- one of its planes vanished over the Indian Ocean and another was shot down over Ukraine. While revenues have been rising over the past year, a pilot shortage, escalating fuel prices and foreign-exchange volatility have hampered growth, the company said in August.

Representatives for Malaysia Airlines and Khazanah declined to comment.

Mohammed Nor previously served as chairman of Malaysia’s securities regulator as well as CIMB Group Holdings Bhd., the country’s second-biggest lender by assets.

He told the state-owned news agency Bernama in July that there would be challenges ahead running the pilgrims fund and that it would take time to bring change to the company. The fund, which came under public scrutiny for its investments in recent years, had 63.6 billion ringgit ($15.3 billion) of assets at of end 2016, according to the latest financial data on its website.

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