Islamabad, Apr 10, 2025: Asad Rasool has officially been appointed as the new Chief Executive Officer (CEO) of PIA Holding Company Limited (PIAHCL), effective April 10, 2025, as per the announcement made by the company.
This leadership change was formally communicated to the Pakistan Stock Exchange (PSX) on Thursday.
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The notice shared by the company stated, “We would like to inform you that Asad Rasool has been appointed as the Chief Executive Officer of PIA Holding Company Limited (PIAHCL) effective from April 10, 2025, replacing AVM Muhammad Amir Hayat.”
PIAHCL, a publicly listed company, is majority-owned by the Government of Pakistan (GoP). It was formed to manage the assets, liabilities, and subsidiaries that were previously part of Pakistan International Airlines Corporation Limited (PIACL).
These assets included business operations, properties, rights, and obligations tied to the former national carrier.
AVM Muhammad Amir Hayat, who served as CEO of both PIAHCL and PIACL, completed his tenure in December 2024. Hayat, appointed in 2023, had initially been tasked with overseeing the restructuring of the loss-incurring airline.
During his tenure, the government aimed to privatize PIA, a state-owned entity that had accumulated billions of rupees in debt.
In a remarkable development, Pakistan International Airlines (PIA) turned its financial fortunes around.
The airline reported a net profit of Rs2.26 billion for 2024, marking its first profit in 21 years. Additionally, PIA achieved an operational profit of Rs3.9 billion.
Defense Minister Khawaja Asif publicly acknowledged this achievement, recognizing that PIA’s return to profitability not only enhanced its market standing but also had positive implications for Pakistan’s economy.
This financial turnaround is especially significant as it strengthens PIA’s position amidst ongoing privatization talks.
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The privatization of PIA had been a matter of considerable debate, with Islamabad looking to sell a controlling stake in the airline to reduce its mounting debt.
The government, under pressure from the International Monetary Fund (IMF), had hoped to privatize up to 100% of the airline as part of the reforms tied to a $7 billion bailout agreement.
However, despite several efforts, the privatization process saw delays. The Privatization Commission received only one bid for PIA from the Blue World Consortium offering to purchase a 60% stake for Rs10 billion.
Far below the commission’s expected minimum price of Rs85 billion. As a result, the government rejected the bid and opted to initiate a new round of privatization.
With Asad Rasool now stepping into the role of CEO of PIA, many are hopeful that his leadership will usher in a new era for PIAHCL, building on the momentum generated by the airline’s recent profitability.
Rasool’s appointment marks a pivotal moment for the national carrier and its future trajectory, as the government continues to grapple with its complex privatization plans and restructuring efforts for the airline.
