Garuda CEO stepping down after serving 2 five-year terms

Singapore

EMIRSYAH Satar said he would step down as chief executive of Garuda Indonesia within months after a decade-long stint during which he helped repair the image of the loss-making Indonesian flag carrier and restructure operations.

Mr Satar told Reuters on Friday that he will leave Garuda because current regulations prevent any CEO from serving more than two, five-year terms. He said he would step down late this year or early next year, after a shareholders' meeting. In the few months he will remain at Garuda, Mr Satar said he would focus on ensuring the growth of its loss-making budget unit Citilink. In September, Garuda postponed a plan to sell a stake in the budget carrier, which competes with Lion Air at home and other low-cost airlines in the Indonesian market.