PIA has selected former Ethiopian Airlines Chief Executive Officer Tewolde Gebremariam as its new Chief Executive Officer. The appointment is expected to become official after mandatory security clearances are completed.
According to officials familiar with the matter, the process is still subject to the required approvals. Once these checks are finished, the airline is expected to formally announce the appointment.
Tewolde Gebremariam is widely known in the aviation industry for his leadership experience. He played a major role in transforming Ethiopian Airlines into Africa’s largest airline during his time as CEO.
His appointment comes at an important stage for PIA, which is currently undergoing major changes following its privatization process. The airline is working to improve its financial position and operational performance under new management.
The decision follows the completion of the first phase of PIA‘s privatization. Management control of the national carrier has been transferred to a consortium led by Arif Habib Corporation after all conditions of the Share Purchase and Subscription Agreement (SPSA) were fulfilled.
As part of the first closing, the consortium paid Rs. 10 billion to the government for the acquisition. It also injected Rs. 80 billion into the airline to strengthen its financial position and support future operations.
The investment is part of a much larger financial commitment. The consortium has pledged a total of Rs. 180 billion for the airline.
This amount includes Rs. 55 billion for acquiring a 75 percent stake in PIA. Another Rs. 125 billion has been committed as fresh capital to support the airline’s long-term recovery and growth plans.
The privatization process is not yet complete. The second closing is expected within the next 12 months.
During this phase, the consortium plans to inject an additional Rs. 45 billion into the airline. It has also exercised its option to purchase the remaining 25 percent stake for another Rs. 45 billion, subject to the agreed terms.
Industry observers believe Tewolde’s experience could help improve the airline’s operations, network expansion, and financial performance. His previous success in leading Ethiopian Airlines has made him one of the most respected executives in the aviation sector.
The appointment reflects the new management’s focus on bringing experienced international leadership to PIA. The airline hopes these changes will strengthen its competitiveness and support its long-term transformation.
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An official announcement is expected after the required security clearances are completed. Until then, the appointment remains subject to final approval.
