Thai Airways CEO: Rebuilding Confidence was Key to Profitable Turnaround

Thai Airways’ turnaround shows that rebuilding trust, not just balance sheets, is key to recovery. As the airline exits restructuring, the real test will be sustaining momentum in an increasingly competitive Asian hub landscape.

The chief executive of Thai Airways has spoken candidly about the importance of rebuilding trust. Speaking at the Skift Asia Forum in Bangkok on Thursday, Chai Eamsiri said gaining stakeholder confidence was the foundation of the company’s recent transformation.

“The most important part was to get the confidence of our stakeholders, especially at the beginning. We needed to earn confidence from our partners because at that time, it was very difficult,” he said.

Eamsiri described the pandemic period as “survival mode,” adding: “Airlines are a cash-burning industry. If you don't have revenue, your cash will go quickly.”

In 2021, the Thai flag carrier started restructuring debt worth 400 billion baht ($12 billion) as part of a maj