A management shakeup continues at Vietnamese carrier Bamboo Airways as Nguyen Minh Hai has been named its new CEO, replacing his predecessor Nguyen Manh Quan, starting from Wednesday.

The management board of Bamboo Airways recently passed a resolution appointing Hai to this post after it approved Quan’s letter of resignation.

According to the carrier, Hai has 25 years of experience in aviation.

Before joining Bamboo Airways, Hai held various key posts at Vietnam Airlines Group and its subsidiaries such as vice-general director at Vietnam Airlines Group and general director at Cambodia Angkor Air, the national flag carrier of neighboring Cambodia.

The appointment is a part of Bamboo Airways’ restructuring plan, especially in management.

Nguyen Ngoc Trong, board chairman at Bamboo Airways, said the carrier is undergoing a major personnel shakeup after FLC, a major Vietnamese conglomerate, divested its stake in the airline.

Bamboo Airways is set to join airline alliances and consider plans to collaborate or establish joint ventures with prestigious international carriers to enhance its competitiveness.

Its management board at a recent annual shareholder general meeting passed a plan to issue 1.15 billion shares to raise the charter capital to VND30 trillion (US$1.2 billion) from the current VND18.5 trillion ($785 million).

The additional capital is expected to help the carrier reduce its old debts, facilitate a plan to expand its fleet and international flight network, as well as improve service quality.

Meanwhile, FLC decided to offload its entire 21.7 percent stake in the airline.

Trong said that the divestment made by FLC will enable Bamboo Airways to operate more independently.

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