Ekniti Nitithanprapas, the new chairman of Thai Airways International Plc (THAI), wants to make the national carrier a premium service airline, cracking the world's top five in five years.
"I dream of seeing THAI regain a top five ranking. We're now in the top tier," he said.
THAI was ranked 10th-best airline in the world for 2018 by Skytrax, while Singapore Airlines, Qatar Airways, All Nippon Airways, Emirates and EVA Air made up the top five.
The Skytrax rankings are based on the impressions of 20.4 million travellers from more than 100 countries. The survey, which covered more than 335 airlines, measured 49 parameters ranging from boarding procedures to seat comfort and service quality.
The company needs to allocate funds to clearly position THAI as a premium airline, Mr Ekniti said, adding that harmonising the national airline with "Thainess and tourism" will help it achieve that goal.
"The question is how to encourage foreign travellers who visit Thailand to fly THAI," he said. "Being a premium airline, I don't measure it by price but by service. Our users must feel that it's worthwhile."
But he said rising oil prices will inevitably leave a dent in THAI's earnings as competition in the airline business intensifies.
The strength and sustainability of THAI's financial position are part of a policy to drive the national carrier, Mr Ekniti said.
"We've cut down expenses substantially, but higher oil prices have hampered us," he said. "But we'll keep trying."
THAI's average cabin factor is now 70-80%, up from 60-70% in recent years.
But the national carrier must focus on yield, income and expenses to strengthen its financial position amid fierce competition, Mr Ekniti said, adding that THAI still spends too much in some areas, such as overtime, and changes are needed to free up income.
Revenue management is an important issue for THAI, operating in a highly competitive industry, he said.
THAI's net profit plunged to 2.72 billion baht in the first quarter from 3.16 billion in the same period last year.
Mr Ekniti said an integrity pact will be adopted in THAI's procurement process to ensure transparency. He said such a system can help many state enterprises lower procurement costs.
Merit-based appointment should also be employed to encourage talented employees, he said.
THAI is one of six financially ailing state firms that have undertaken business rehabilitation as required by the State Enterprise Policy Commission (superboard).
THAI shares closed Friday on the Stock Exchange of Thailand at 13.70 baht, up 20 satang, in trade worth 35.4 million baht.