Michael Joseph handed third three-year term as KQ chairmanSunday July 10 2022
Kenya Airways chairman Michael Joseph will stay at the airline for another three years after being reappointed last week even as he continues to hold a similar role at Safaricom.
Shareholders approved his re-election during the company’s 46th Annual General Meeting on Friday.
The shareholders also adopted the resolution for appointment of Mr Joseph, John Ngumi and Angus Clarke as directors of the company.
Mr Ngumi, Michael Gichangi, John Wilson, Haron Sirima and Caroline Armstrong were also elected as audit and risk committee members.
“2021 saw KQ get on a path to recovery as evidenced by the improved financial performance,” said Joseph soon after his re-election.
Mr Joseph first took over at KQ in 2016 and got re-elected in 2019.
The national carrier reported a net loss of Sh15.8 billion in the review period compared to Sh36.2 billion the year before when Covid travel restrictions hit operations hardest.
Revenue in the review period bumped 32.98 percent to Sh70.22 billion, partly lifted by alternative sources such as air charter services which jumped 300 percent.
The struggling airline cut total operating expenses by Sh2.89 billion to Sh77.02 billion compared with the year before.
It also reduced lease rentals for aircraft by Sh10 billion.