Datuk Seri Idris Jala retained as Malaysian Airlines (MAS) managing director / chief executive officer until 2011 MAS said in a statement to Bursa Malaysia. His current contract with the airline will expire on November 30.

Commenting on Idris contract extension MAS chairman Tan Sri Dr Munir Majid said ” a mutual agreement ahs been reached between the board and Idris.”

“This is good news for MAS as Idris is the right man for the job,” Munir added.

According to the MAS chairman, he and the board had reached an agreement with Idris many months ago about extension of his contract. It was formalised after extensive consultation with stalkholders and in considerations with a broader GLC (government-linked companies) remuneration policy.

Idris Jala had successfully steered MAS out of its financial crisis in just two years and set the vision for the airlines’s transformation intothe World’s Five Star Value Carrier.

By the end of 2007 financial year, Idris Jala turned the airlines into one of the most profitable GLCs in Malaysia generating RM 851 million in profit – a record profit in MAS history.

Asked on the extension of his contract, Idris said he was glad to have the opportunity to complete the work to transform MAS into Five-Star Value Carrier (FSVC).

“My work at Malaysia Airlines is still not done yet. The operating environment is the toughest ever and my goals are short-medium term: sustaining MAS’ resilience in the midst of adversity and long term: ensuring we becomes a FSVC,”

“Having worked with the MAS team for the past three years I have total confidence in our collective ability to achieve our goals,” Idris added.

Before joining Malaysia Airlines, Idris was with Shell where he had spent 23 years working under various positions.

updated 21 November 2008