Mr. Turnaround Man
Chief Executive Officer of Thai Airways International Plc Chai Eamsiri has been named CEO of the Year by the Bangkok Post for his transformational leadership that has steered the 65-year-old carrier from losses to profitability.
Mr. Chai, CEO of Thai Airways, has been recognised as an outstanding leader for turning around a company burdened with 189 billion baht in debt following the Covid-19 crisis, restoring it to profitability and returning it to trading on the Stock Exchange of Thailand.
His leadership legacy enlightened the darkest period of the airline’s history. Thai Airways entered a court-supervised rehabilitation plan in 2020 due to mounting debts and the severe impact of the pandemic.
Thai Airways owed 189.578 billion baht to creditors under the plan. By the end of 2025, the airline had repaid some 94.080 billion baht, with the remaining 95.498 billion baht scheduled for repayment by 2036.
Thai Airways exited the rehabilitation plan in June 2025 after meeting all requirements and has now resumed trading on the Stock Exchange.
Mr. Chai is credited as a key driving force in steering the airline out of crisis and back to stability.
Mr. Chai possesses deep expertise across aviation, insurance, aviation environment, petroleum business, jet fuel procurement, fuel price risk management and derivatives.
His knowledge has led to roles in various international committees, including the Commercial Fuel Working Group, IATA Chairman, IATA Japan Working Group, China Fuel Working Group, Environmental Working Group, Association of Asia Pacific Airlines (AAPA), Star Alliance Fuel Group Strategic Committee, TG Sustainability Expert Group and the Star Alliance Sustainability Virtual Expert Community.
He was also the first and only Thai Airways recipient of the Star Alliance Award 2017.
He was additionally appointed by the rehabilitation planners as Thai Airways’ representative in proceedings at the Central Bankruptcy Court and was responsible for overseeing the airline’s rehabilitation plan: particularly negotiations on financial restructuring, debt restructuring and securing new credit facilities.
He led negotiations to establish Letters of Intent (LOIs) with aircraft lessors as part of parallel lease restructuring initiatives. This resulted in sustainable reductions in aircraft leasing costs amounting to 60 billion baht between 2020 and the present.
Mr. Chai also led renegotiations of lease and hire-purchase agreements to comply with the LOIs, which are expected to reduce aircraft-related expenses by no less than 13 billion baht annually from 2022 onwards.
To address short-term liquidity issues while securing new loans, he oversaw aircraft sale-and-leaseback transactions and the sale of non-core assets, including investments in subsidiaries and real estate both domestically and abroad. These measures are expected to generate no less than 8 billion baht in cash upon completion.
These achievements were instrumental in stabilising Thai Airways’ liquidity and maintaining operations throughout the crisis.
Mr. Chai said the success of the airline’s rehabilitation reflects the unity, determination, dedication and sacrifice of all stakeholders: creditors, shareholders, customers, partners, former employees and current staff alike.
Mr. Chai, 62, graduated with a Bachelor’s degree in Business Administration (Marketing) from Assumption University and a Master of Business Administration (Management) from Kasetsart University. He has dedicated forty years to Thai Airways, having joined the company in 1985.
He previously served as Fuel Department Manager in 1997, followed by Director of Insurance, and then Director of Petroleum Business and Fuel Management.
He later became Deputy Executive Vice President for Finance and Accounting in early 2021, before being appointed Chief Financial Officer in mid-2021. Ultimately, he was appointed CEO of Thai Airways on Feb 1, 2023.
Thai Airways says it aims to drive improvement, delivering exceptional experiences to passengers, customers and shareholders, while supporting the communities tied to its operations. It will keep pushing Thailand as a regional aviation hub and eyeing sustainable long-term growth.
