After heading Nok Air since its inception 14 years ago, Patee Sarasin has called it quits as chief executive.
Mr Patee's resignation, approved by the airline's board on Thursday with immediate effect, came as a surprise after he had previously insisted on holding on despite pressure to unseat him.
While there was speculation that he was forced to relinquish the position by his critics, particularly Thai Airways International (THAI), Mr Patee yesterday made clear that this was not the case.
"Let's set the record straight, this [resignation] is my own idea and personal decision, not being driven by other parties," he told the Bangkok Post.
Mr Patee said his resignation is part of a concerted effort to ensure that the ongoing business turnaround of the cash-strapped budget airline is successfully executed.
His resignation will free up time from the day-to-day operations of Nok Air to let him focus on the airline's overall strategy in a newly endorsed role as vice-chairman of the airline, while retaining his seat on the company's board.
"It's one of the changes being taken to refresh the organisation for a new future," he said.
Nok Air's board named Piya Yodmani, chief executive of NokScoot, the medium- to long-haul budget airline owned by Singapore's Scoot and Nok Air, as Mr Patee's successor.
Mr Piya, a long-time associate and personal friend of Mr Patee, is also deputy chief executive of Nok Air.
Mr Piya, 55, will leave NokScoot and assume full responsibility at Nok Air after NokScoot's board endorses his successor, believed to be a Thai, at a meeting on Sept 29.
Mr Patee said Mr Piya was chosen to take on the job because of his expertise in airline operations.
Nok Air is seeking a return to the black as early as next year after suffering losses of more than 4 billion baht over the past 3½ years.
Mr Patee denied that his resignation came as a condition set by flag carrier THAI for subscribing to a new round of Nok Air's share offering being extended to existing shareholders, including THAI.
Mr Patee said it remains unknown whether THAI will exercise its option for the new allotment totalling 1.2 billion new ordinary shares. The offering will render an estimated 1.81 billion baht in fresh capital needed for the turnaround plan.
Information about the size of the new share subscription by existing shareholders will be made public officially on Sept 20 at Nok Air's shareholder meeting.
THAI turned its back on the previous round of share offering, which involved 114 million shares.
In the previous round, THAI cited Nok's "unclear" turnaround plan and the likelihood of its subscription payment of 588 million baht contributing to THAI's financial woes.
In late August, Mr Patee told reporters that the prospect of Nok Air's current share offering being fully subscribed looked promising.