Bamboo Airways has third CEO in 5 months

Bamboo Airways has appointed aviation veteran Luong Hoai Nam as its new CEO, the third in five months and the fourth in more than a year, as the carrier is undergoing tough reshuffles following a change in owners.

Nam’s appointment has been decided by new investors of Bamboo Airways, marking the latest move in its overall restructuring process, the airline said in a statement.

Nam, 60, has over three decades working in the aviation and tourism industries, taking on senior positions at national carrier Vietnam Airlines, Jetstar Pacific Airlines, Hai Au Aviation, Viet Star Airlines, real estate group Nam Long, among others.

Speaking at the appointment ceremony on Monday, Nam pledged to accelerate the restructuring process to soon stabilize the carrier’s operations. He aims to increase its aircraft fleet to 30 and 50 later.

At an extraordinary shareholders’ meeting in mid-September, a board member of Bamboo Airways, revealed that Ho Chi Minh Stock Exchange-listed Sacombank, a large creditor of the carrier, was taking procedures to acquire a stake in the latter. The investment was pending approval from authorities as aviation is the bank’s non-core business.

Before Nam, Nguyen Minh Hai was appointed CEO in May and left the post after two months. The vacancy was then filled by vice board chairman Nguyen Ngoc Trong.

Backed by real estate giant FLC Group, Bamboo Airways flew its first commercial flight in January 2019 and quickly occupied a large share in the local aviation market.

However, hit by the Covid-19 pandemic and then the arrest of FLC chairman Trinh Van Quyet late, the mastermind of Bamboo Airways, in March 2022, the carrier underwent ups and downs.

The Vietnamese government in August ordered agencies to remove difficulties for Bamboo Airways, including the transfer of stakes to the new investors.