Kenya Airways #ticker:KQ chairman Michael Joseph will stay at the loss making airline for three more years after getting approval from shareholders.
Mr Joseph’s term as the chairman of the KQ board was extended for another term after shareholders approved his re-election during the company’s annual general meeting held Monday at Pride Centre.
“I want to thank shareholders for showing confidence in me. We are working towards efficient network planning and closure of non-profitable routes,” said Joseph soon after his re-election.
Mr Joseph took over at KQ in 2016 from the current Toyota Kenya chairman Dennis Awori.
Mr Joseph has been in the forefront in overseeing the implementation of a turn-around strategy to rescue the struggling carrier, which reported a Sh 7.55 billion net loss as December 2018.
His reappointment at the firms comes barely a few days after Kenya Airways CEO Sebastian Mikosz said he will quit from the helm of the airline in December this year before his term expires in June next year.
The shock announcement draws his turbulent reign at the airline to a close.
Mr Mikosz said he had done his best to turn around the airline.
He termed his decision to leave the airline personal, but critiques says that he had run out of options to turn around the ailing airline.
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