Ethiopian Airlines CEO quits after overseeing four-fold growth in a decade
Addis Ababa, Ethiopia (PANA) - Ethiopian Airlines Chief Executive Tewolde GebreMariam has stepped down from the company to focus on his health after serving the airline for 37 years, the airline said here Wednesday.
The Airline stated Mr Tewolde opted for early retirement from his post as the Group Chief Executive Officer for 11 years on medical grounds. He would be focusing on his treatment in the USA where he has been for the last six months, the airline said.
"As he needs to focus on his personal health issues, he is unable to continue leading the airline as a Group CEO, a duty which demands closer presence and full attention round the clock," the Airline said in a statement.
Mr. Tewolde requested the Board of Management of Ethiopian Airlines Group for early retirement for him to focus his full attention on his medical treatment.
The Board, in its ordinary meeting held on 23 March 2022, accepted Mr. Tewolde’s request for early retirement, the Airline said.
Mr. Tewolde led the Airline for over a decade, presiding over the airline's successful transformation and its exceptional performance in all parameters, including but not limited to exponential growth from 1 billion US$ annual turn-over to US$4.5 billion.
The airline grew its fleet from 33 to 130 aircraft and raised its passenger volumes from 3 million to 12 million passengers (pre-COVID). Under his leadership, the airline grew four-fold in all measurements.
The airline was able to expand its real estate establishment, including the building of a US$700 million hotel enterprise and new passenger infrastructure.
The airline also expanded its vital infrastructure, a Cargo terminal, MRO hangars and shops, Aviation Academy and Full Flight Simulators.
The Board promised to announce the new Group CEO and successor to Tewolde shortly.
Mr. Girma Wake, former CEO of Ethiopian Airlines, has been appointed recently as a new Chairman of the Board of Management of Ethiopian Airlines Group by the Ethiopian Public Enterprises Holding and Administration Agency.
Mr. Wake is a highly experienced, successful and well-regarded business leader and a well-known figure in the aviation industry who previously led Ethiopian Airlines for seven years as a CEO and laid the foundation for the fast and profitable growth of the airline.
"The combination of his experience, work-culture and drive makes him capable of chairing the board and take the airline to the next level.
Mr. Wake’s decision-making skills are tested and well proved," the Ethiopian Airlines said.
-0- PANA AO/RA 23March2023
