PIA eyes Ex-Ethiopian Airlines CEO to lead revival: report

Pakistan International Airlines Corp (PIA) has shortlisted Tewolde Gebremariam, former chief executive officer (CEO) of Ethiopian Airlines Group, for the role of its CEO, reported Bloomberg on Friday.

Citing a person familiar with the matter, the report shared that the newly privatised entity wants to officially announce the pick by Sunday. However, formal processes are pending.

As per the report, Gebremariam’s appointment could boost the Arif Habib-led consortium’s bid to revive the struggling national carrier after buying a majority stake.

“Under Tewolde’s leadership, Ethiopian Airlines grew into Africa’s largest carrier, providing a link to cities around the continent from its transit hub in Addis Ababa,” read the report.

PIA has undergone a prolonged and intricate privatisation process, driven by the government’s aim to divest its majority stake and revitalise the loss-making national carrier.

Last year, a consortium led by the Arif Habib Group emerged as the winning bidder, offering Rs135 billion for a 75% stake in PIA—35% above the government’s reference price—and committing an additional Rs80 billion for future investments.

By April 2026, shareholders of PIA Holding Company Limited formally approved the divestment of this 75% stake. Shortly thereafter, on April 30, 2026, the Arif Habib-led consortium moved to acquire the remaining 25% stake, setting the stage for the full privatisation of the national carrier.

Last month, the Privatisation Commission of Pakistan achieved the first closing of the divestment of PIA through privatisation, transferring management control of the airline to the Arif Habib-led consortium, following satisfaction of all conditions precedent under the Share Purchase and Subscription Agreement (SPSA).