Struggling Japan Airlines Corp. announced changes in its top leadership on Tuesday, including the promotion of senior managing executive officer Yoshiharu Ueki to the post of president.
Ueki, the 59-year-old former pilot, will succeed Ken Onishi, 56, who will assume the post of chairman, while current Chairman Kazuo Inamori, 79, will become honorary chairman. The changes in the top leadership will become effective after a shareholder meeting planned for next month, JAL said without giving a specific date.
Since December 2010, Ueki has assumed a senior managing executive post in charge of route marketing. Inamori is said to have groomed Ueki to take the helm of the carrier.
JAL filed for bankruptcy protection with the Tokyo District Court in January 2010 under the Corporate Rehabilitation Law, which is similar to Chapter 11 in the U.S., marking one of the biggest corporate failures in Japanese history. The Tokyo Stock Exchange delisted JAL shares the following month.
JAL exited out of bankruptcy protection in March 2011. The airline plans to relist on TSE around this autumn, demonstrating its recovery from bankruptcy both nominally and virtually.
Under the top leadership of Inamori and Onishi, JAL has successfully improved its performance. The airline posted a net profit of $1.25 billion on a consolidated basis in the first half of fiscal 2011, which started on April 1, 2011, thanks to rigorous cost-cutting efforts.
Contact Hisane Masaki at firstname.lastname@example.org.