Asad Rasool has officially taken over as Chief Executive Officer (CEO) of Pakistan International Airlines Holding Company Limited (PIAHCL), with his appointment effective from April 10, 2025. The development was disclosed through a formal notice issued to the Pakistan Stock Exchange.
He replaces AVM Muhammad Amir Hayat, who completed his one-year tenure in December 2024. Hayat had been appointed during a turbulent phase for the national carrier, with the government aiming to steer the debt-ridden entity toward privatisation.
PIAHCL is a public limited company majority-owned by the Government of Pakistan, created to manage select assets, liabilities, and subsidiaries of Pakistan International Airlines Corporation Limited (PIACL).
Rasool assumes charge at a pivotal moment for the airline, which recently reported its first net profit in 21 years. For the fiscal year 2024, PIA posted an operational profit of Rs3.9 billion and a net profit of Rs2.26 billion — a remarkable turnaround for an airline long plagued by chronic losses.
Commenting on the financial milestone, Defence Minister Khawaja Asif stated, “PIA’s return to profitability would not only improve the reputation of the airline but also boost Pakistan’s economy.” He stressed that the development was especially significant for the airline’s future ownership structure.
Privatisation of PIA is a key requirement of Pakistan’s $7-billion, 37-month bailout agreement with the International Monetary Fund (IMF). The government had offered between 51% and 100% equity in the airline, but only received a single bid — Rs10 billion for a 60% stake — far below the Rs85 billion minimum valuation. The offer was rejected, prompting preparations for a second round of bidding.
