Garuda Indonesia (GA, Jakarta Soekarno-Hatta) has appointed new executives, including two foreign nationals, hoping that the personnel reshuffle will accelerate the much-needed restructuring under the watchful eye of new parent, Indonesia's sovereign wealth fund Danantara Indonesia.

According to an Indonesia Stock Exchange filing, the appointments were confirmed during an extraordinary general meeting on October 15. Glenny Kairupan, formerly a commissioner and retired air force officer, was named chief executive officer, replacing Wamildan Tsani. Thomas Sugiarto Oentoro was appointed vice president director, while Frans Dicky Tamara filled Glenny's vacated commissioner post.

Meanwhile, the CEO of parent company, Danantara Indonesia, and investment minister, Rosan Roeslani, said the appointments of foreigners Balagopal Kunduvara and Neil Raymond Mills to Garuda Indonesia's board bode well for the airline's ongoing transformation program.

“If we look deeper, there are indeed two foreign nationals who for the first time have been appointed to positions in a state-owned company because the law now allows it,” he told reporters at the presidential palace on October 17.

Kunduvara, who spent 25 years with Singapore Airlines (SQ, Singapore Changi), was named finance and risk management director. Mills, whose previous posts include executive roles at Air Italy (Milan Malpensa), Green Africa Airways (Q9, Lagos), and SAS Scandinavian Airlines (SK, Copenhagen Kastrup), was appointed transformation director.

Rosan also confirmed that Danantara Indonesia, through its subsidiary PT Danantara Asset Management, will continue evaluating Garuda Indonesia's strategic and financial performance to ensure that forthcoming state funding is properly implemented.

“We are providing further capital support, so we must ensure that its use aligns with the plans presented to us,” Rosan said.

The state wealth fund has been overseeing Garuda Indonesia's second-phase recapitalisation, which includes a planned USD1.8 billion capital injection consisting of USD1.4 billion in new equity and a USD405 million loan-to-equity conversion. Following the transaction, Danantara Indonesia's ownership is set to rise to 93.5%.

Garuda Indonesia said the recapitalisation aims to restore positive equity, strengthen liquidity, and support long-term business sustainability. A separate extraordinary shareholders' meeting to approve the transaction is scheduled for November 12.