KUALA LUMPUR (June 1): Philippine Airlines (PAL), owned by Filipino billionaire Lucio Tan, has appointed former Malaysia Aviation Group Bhd (MAG) group managing director Datuk Captain Izham Ismail as an independent director, according to a report by Insider PH.
Izham joins PAL’s board alongside Filipino businessman Edgar Chua as part of the Philippine flag carrier’s efforts to strengthen its board with external expertise as it advances its fleet modernisation and international expansion plans, the report said on Monday (June 1). Chua previously served as country chairman of Shell Philippines.
Izham retired from his position at MAG, the parent company of Malaysia Airlines Bhd, on Jan 31 this year, after more than 40 years with the airline group. He was succeeded by Captain Nasaruddin A Bakar as president and group chief executive officer.
During his tenure, Izham oversaw MAG’s 2021 financial restructuring, which reduced the group’s liabilities by more than RM15 billion, eliminated RM10 billion in debt, and secured a RM3.6 billion capital injection from its controlling shareholder Khazanah Nasional Bhd. He also led operational improvement initiatives that helped return the airline group to profitability in recent years.
“We are delighted to welcome Edgar Chua and Datuk Captain Izham Ismail to the Philippine Airlines board of directors,” Tan, who is PAL chair and CEO, said in the report.
“Mr Chua’s extensive business leadership experience and Captain Izham’s global aviation expertise will be invaluable as Philippine Airlines continues to pursue sustainable growth, strengthen governance and expand its role in connecting the Philippines to the world,” he added.
After suffering significant financial losses and undergoing Chapter 11 bankruptcy restructuring in 2021, PAL successfully eliminated more than US$2 billion (RM7.93 billion) in debt. Since completing its financial reorganisation, the airline has maintained a consistent streak of quarterly profitability, reinvesting heavily in fleet modernisation and route expansion.
PAL reported a net income of US$78.55 million in the first quarter of 2026, up 2.6% compared to the same period last year. Revenue climbed 9.7% to US$895.7 million. This builds on its full-year 2025 performance, where it achieved a net income of US$160.4 million, a 6.1% increase from the previous year. Revenue reached US$3.22 billion, up 3% from US$3.13 billion in 2024.
