The largest state-owned company, Maldives Airports Company Ltd (MACL), opened applications for the CEO position for the first time in its history.
Prior to this, MACL's CEO was always appointed by the President.
MACL is the only major state-run company without a CEO or Managing Director appointed, since President Ibrahim Mohamed Solih was sworn into office.
Currently, MACL's Deputy Chief Information Officer Moosa Solih is in charge of the company's operations. Moosa Solih is President Solih's uncle as well.
According to the announcement made by MACL, the applicants for the CEO position must meet the following requirements:
- Master’s Degree in accounting or finance, or MBA in finance
- Professional qualification of CPA/ACCA/ACA or CIMA or equivalent
- Minimum eight years of experience as a CFO, or equivalent post in the aviation industry
- Post-qualification experience of 15 years in accounting and a financial management position, preferably in the aviation industry
- Extensive experience in contracting, negotiating and change of management
In addition to the aforementioned, the applicant must also possess the ability to work effectively with employees at all levels and other stakeholders, analyse financial problems and make appropriate recommendations, conduct cost-benefit studies and evaluate alternate fiscal and managerial approaches, and prepare and analyse commercial and financial statements.
Moreover, they should have strong leadership and organisational skills as well as extensive knowledge of IFRS/IAS, corporate financial law/tax regulations, risk management practices, financial data analysis, budgeting and forecasting methods.
The CEO's term of contract is three years, with the option of extending the contract based on performance.
MACL's announcement seeking a new CEO came at a time when experts in the aviation field, along with the public, are voicing concerns over the recent decisions made by the MACL board.
One of these decisions was MACL's attempt to hand over their newly-constructed USD 55 million seaplane terminal to Trans Maldivian Airways. Industry experts claim that the seaplane terminal was being given away at a lower-than-market price, in such a way that will obstruct the business of other seaplane operators in Maldives.
The public has raised concerns on social media accusing that MACL's board was being controlled by those who benefit from TMA's business. MACL's board mainly consists of business tycoons in the tourism sector.
MACL maintained that no agreements were signed to hand over the new seaplane terminal to any parties. However, a former statement released by the company insinuated the existence of such an agreement although MACL did not clarify any doubts afterwards.
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