Asad Rasool appointed as
CEO of PIA Holding Company Limited
Asad Rasool has been appointed the
new Chief Executive Officer (CEO) of PIA Holding Company Limited (PIAHCL),
effective April 10, 2025. The announcement was made in a notice to the Pakistan
Stock Exchange (PSX) on Thursday.
The notice stated, "We have to
inform you that Asad Rasool has been appointed as Chief Executive Officer of
PIAHCL with effect from April 10, 2025, in place of AVM Muhammad Amir Hayat."
Read More AVM
Amir Hayat concludes tenure as PIA CEO; Khurram Mushtaq steps in as acting CEO
PIAHCL, a public limited company, is majority-owned by the Government of Pakistan (GoP). It was established to oversee the assets, liabilities, and subsidiaries of Pakistan International Airlines Corporation Limited (PIACL), including specific business operations, property, rights, liabilities, and obligations.
AVM Muhammad Amir Hayat, who served
as CEO of both PIAHCL and PIACL, completed his tenure in December 2024. He had
been appointed in 2023 as CEO of PIA for a one-year term, during a time when the
government was planning to privatize the loss-making state-owned enterprise,
which had accumulated significant financial losses and arrears. However, in a
positive turn of events, Pakistan International Airlines (PIA) reported net
profitability for the first time in 21 years.
Read More Government and lender banks finalize PIA's commercial debt negotiations
For 2024, PIA reported an operational profit of Rs3.9 billion and a net profit of Rs2.26 billion. Defense Minister Khawaja Asif officially announced this achievement, highlighting that PIA’s return to profitability would not only boost the airline’s reputation but also benefit Pakistan’s economy. He emphasized that this strong financial performance plays a critical role in advancing the airline’s privatization plans.
Source: Daily Times