PIA CEO Tenure Salary Hike and Losses
According to sources, the meeting is likely to discuss the extension of the tenure of the current PIA CEO, Aamir Hayat.
Hayat’s tenure is set to expire soon, and the board may decide to grant him an extension. If an extension is not granted, the board may appoint an acting CEO from among the senior officers.
The contenders for the acting CEO position include Chief Operating Officer Amanullah Qureshi, Chief Technical Officer Amir Ali, and Chief Project Officer Khurram Mushtaq.
In addition to the CEO’s tenure, the board is also expected to discuss a proposal to increase the salaries of PIA employees by 20-25%.
PIA ‘incurred’ Rs 220b losses due to ban on flight operations
This development came after PIA shared a report of a staggering loss of approximately Rs 220 billion over the past four and a half years due to the ban on flight operations, particularly on European routes.
According to sources within the Privatisation Commission, the national flag carrier was severely impacted by the restrictions.
The ban on PIA flights to European destinations had resulted in a significant loss of revenue, with the airline’s financial woes exacerbated by the COVID-19 pandemic.
The Civil Aviation Authority (CAA) also suffered a loss of around Rs 250 billion due to the ban on European routes.
However, sources within the Privatisation Commission have revealed that efforts are underway to restore PIA’s routes to the UK before privatization. The successful restoration of these routes is expected to be a huge milestone in the privatization process.
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