KARACHI: Asad Rasool has been appointed as the new chief executive officer (CEO) of PIA Holding Company Limited (PIAHCL), effective April 10, 2025, replacing AVM Muhammad Amir Hayat, according to a notice filed with the Pakistan Stock Exchange (PSX) on Thursday.

PIAHCL, a public limited company majority-owned by the Government of Pakistan, was established to manage assets, liabilities, and subsidiaries previously held by Pakistan International Airlines Corporation Limited (PIACL), including key properties and obligations.

AVM Muhammad Amir Hayat, who served as CEO of both PIAHCL and PIACL, concluded his tenure in December 2024. Hayat’s leadership followed his one-year appointment in 2023 amid plans by the then government to privatise the state-owned airline, which had accumulated significant losses. However, the airline reported a remarkable turnaround in 2024, achieving net profitability for the first time in 21 years. PIA posted an operational profit of Rs3.9 billion and a net profit of Rs2.26 billion for the year.

Defence Minister Khawaja Asif hailed the airline’s return to profitability, noting that it would not only bolster PIA’s reputation but also benefit Pakistan’s broader economy. He emphasised that the airline’s strong financial performance was crucial for its upcoming privatisation plans.

Privatisation efforts have faced hurdles, with the government offering between 51 per cent and 100 per cent of PIA’s shares as part of ongoing reforms mandated by the International Monetary Fund (IMF). Despite these efforts, only one bid was received, from the Blue World Consortium, for a 60 per cent stake in the airline, offering Rs10 billion, well below the Privatization Commission’s Rs85 billion minimum price. As a result, the government rejected the bid and decided to proceed with another round of privatisation.