MALAYSIA -Tony Fernandes, the CEO of discount airline firm AirAsia, has had his contract extended by Capital A Bhd for a further five years, allowing him to continue spearheading the group’s future expansion. 

Additionally, the group’s airlines division, which is in the process of merging with AirAsia X Bhd, recruited him as a strategic consultant. 

According to Fernandes, he decided to extend his contract in response to the board’s desire to continue. 

He continued by saying that his top priorities right now are to remove Capital A from its Practice Note 17 (PN17) classification, build a solid aviation group, and begin expanding once more.

As part of its current reorganization, Capital A is listing its branding company in the US and combining its airline division with AirAsia X. 

“I am thrilled to start the process of fully transforming Capital A to provide outstanding value to its investors after its aviation business is soon to be sold.

 At a press conference today, he informed reporters, “Investors and shareholders will witness the rise of four strong pillars of business, born out of the AirAsia Group over the next two years.” 

According to Fernandes’ plans, over the next five years, Teleport, Move Digital, Capital A Aviation Services Group, and Capital A International will all become independent, resilient market disruptors while maintaining the low costs, high efficiency, and DNA of AirAsia as a single, publicly traded company. 

Fernandes has established himself as “one of the world’s outstanding CEOs,” according to independent non-executive director Fam Lee Ee, who noted that he has demonstrated an unmatched ability to successfully change Capital A to drive development and provide financial returns. 

“The board decided it is in the best interest of the shareholders to extend his tenure through the next five years because he has set Capital A on the right strategic path for ongoing value creation,” he stated. 

According to Jamaludin Ibrahim, chairman of AirAsia Aviation Group, his selection as a strategic consultant is predicated on his remarkable record of success as an entrepreneur and his unmatched knowledge of the aviation sector. 

As we position AirAsia Aviation Group to dominate regional aviation services for short-, medium-, and long-haul routes throughout Asia and beyond, this is crucial. 

Tony’s new position will involve strategic leadership of AirAsia Aviation Group, which will include planning for expansion and succession. Additionally, Tony will serve as a vital link between Capital A and the aviation industry, ensuring that all prospects for mutual gain are taken advantage of. 

Furthermore, he declared that Fernandes will maintain constant communication with important parties such as the government, suppliers like GE and Airbus, lessors, bankers, and members of the tourism industry.