Major management changes. AirAsia yesterday announced that Aireen Omar, a face familiar to investors, has been appointed CEO of Malaysia AirAsia, a role previously held by Tony Fernandes, who will assume the role of AirAsia's Group CEO. Aireen, formerly AirAsia regional head of corporate finance and treasury, has a decade of experience as an investment banker specialized in the debt capital market. Aireen has been instrumental in the Group's fleet expansion since she joined in 2006. She replaces Tony Fernandes, which will take on a regional role in AirAsia ASEAN, together with his deputy Kamaruddin Meranun. All of AirAsia's country heads will continue to report to Fernandes as Group CEO. AirAsia Asean is AirAsia's new regional office, which will be remotely located in Jakarta - physically and psychologically far enough from all of AirAsia's offices to avoid any daily operational routines. The setting up of AirAsia ASEAN will allow the group's regional team to focus on AirAsia Group's overall growth regionally. We have great confidence that Aireen will take Malaysia AirAsia to greater heights. Aireen said she intends to maintain and grow AirAsia's current 60% domestic and 40% international market shares. She added that the main challenges she faces are maintaining market leadership, cost discipline and increasing revenue. We congratulate Aireen and wish her the best in her new position as Malaysia AirAsia CEO.  

 Bringing back the old team. According to media reports, Datuk Bernard Francis - formerly Executive VP of sales and marketing with MAS - will rejoin AirAsia, where he was previously regional director of Revenue Management. We believe that Francis is likely to join Fernandes at the Jakarta regional office along with Rozman Omar, who also recently left MAS. Rozman, previously the CFO of AirAsia Malaysia, joined MAS last year after the share swap between the two airlines was inked.  Meanwhile, Azhari Mohd Dahlan, who headed MAS' engineering and maintenance division, has also rejoined AirAsia.