French expat exits KQ in top executives changes
Kenya Airways (KQ) #ticker:KQ commercial director Vincent Coste has left the company in ongoing management changes at the airline aimed at reversing its loss position.
Kenya Airways declined to comment on Mr Coste’s departure, only saying it was part of changes that the airline has been undertaking.
“KQ has been undergoing changes for the last two years and it remains business as usual,” said the airline in response to queries Thursday.
Other changes include the appointment of Catherine Kamau as the director of marketing. She will be responsible for growing passenger numbers at the airline.
Kenya Airways’ shareholder value moved into positive territory riding on last year’s balance sheet restructuring that reduced its annual debt payment obligations, leaving room to revamp its operations.
The national carrier’s equity position stood at Sh417 million in the nine months between April and December 2017 compared to negative Sh45 billion in the year to March 2017, according to a financial report released this year.
The change in fortunes follows a complex restructuring of the business that saw the airline’s main creditors — 10 commercial banks and the government — convert Sh44.2 billion loans into equity to save it from collapse.