Capital A announces new 5-year service contract for CEO Tony Fernandes
KUALA LUMPUR, 24 April 2024 – Capital A Berhad, the leading aviation and travel services group, announced today that Chief Executive Officer, Tony Fernandes, has signed a new service contract for the next five years, enabling him to continue his pivotal role at Capital A, focusing on driving future growth and financial returns of the Group.
Capital A’s Board of Directors approved an incentive package for Fernandes, designed to align the CEO's interests with those of the shareholders, and ensuring a shared commitment to drive the long-term success and sustainability of Capital A. His role encompasses steering Capital A towards unlocking enhanced shareholder value through the execution of profitable transactions across Capital A's entities within Capital A. The incentive package and its details will be presented to shareholders for their approval at the upcoming extraordinary general meeting.
Dato Fam Lee Ee, Independent Non-Executive Director of Capital A Berhad said, “Time and again, Tony has shown an unparalleled ability to successfully transform Capital A to drive growth and deliver financial returns, earning him a reputation as one of the world's outstanding CEOs. He has set Capital A on the right strategic path for ongoing value creation, and the Board determined it is in the best interest of the shareholders to extend his tenure through the next five years. We are confident that, under his guidance, we will achieve even greater milestones in the years ahead.”
Tony Fernandes, CEO of Capital A said, "I am excited to embark on the journey of completing the full transformation of Capital A, poised to deliver tremendous value to its shareholders following the imminent disposal of its aviation business. Over the next two years, investors and shareholders will witness the rise of four strong pillars of business, born out of the AirAsia Group. All these businesses excite me, each set to become a free-standing entity with its own robust capital structure. Throughout the next five years, I envision Teleport, MOVE Digital, Capital A Aviation Services Group (CAPAS) and Capital A International evolving into separately listed public companies, which share the fundamental DNA of AirAsia— characterised by low-cost, high efficiency, and a relentless commitment to being independent and resilient market disruptors."
Widely recognised as one of industry's most transformative leaders, Tony Fernandes with his visionary leadership has expanded the horizons of Capital A and the broader AirAsia Group, embracing disruption, innovation and strategic acquisitions to propel itself into new realms of success. From democratising air travel in Asia, to steering the company in becoming the leading aviation and travel services group globally, the 59 year old entrepreneur has been instrumental in shaping the company as well as the industry in the Asean region. Capital A looks forward to continued growth, and the realisation of even greater achievements under his adept leadership.
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About Capital A
Capital A (formerly known as AirAsia Group) is an investment holding company with a portfolio of synergistic aviation and travel businesses that leverage data and technology, including the world’s leading low-cost carrier AirAsia, Capital A Aviation Services Group, MOVE Digital (including fintech BigPay) as well as logistics venture Teleport. Capital A’s vision is to create and deliver products and services that focus on offering the best value at the lowest cost, underpinned by robust data accumulated over 20 years in operation and one of Asia's leading brands that remains committed to serving the underserved in Asean and beyond.