Jakarta. Garuda Indonesia(IDX: GIAA)  shareholders have appointed Thomas Sugiarto Oentoro as the airline’s new president director, replacing Glenny H. Kairupan as the carrier works to sustain its operational recovery while its balance sheet remains under pressure.

The appointment was approved at Garuda’s extraordinary general meeting of shareholders (EGMS) on Thursday. Thomas, who had served as deputy president director since October 2025, succeeds Glenny, who was appointed president commissioner, replacing Fadjar Prasetyo.

The leadership reshuffle comes as Garuda continues to recover revenue, rebuild its fleet and narrow losses. The airline’s revenue rose 16% to $1.80 billion in the first six months of 2026 from $1.55 billion a year earlier, while its net loss narrowed 23.2% to $113 million, according to its latest financial report.

Garuda’s financial position, however, remains a key challenge. Its equity fell to negative $163 million as of June 30 from negative $39.3 million at the end of 2025, according to financial statements filed with the Indonesia Stock Exchange (IDX). Including non-controlling interests of $110.8 million, total equity stood at negative $52.2 million.

The deterioration came less than a year after Garuda returned to positive equity following a $1.4 billion capital injection from Danantara Asset Management. Approved in November 2025, the injection was aimed at supporting the airline’s restructuring and fleet recovery.

Read More: Garuda’s $1.4 Billion Rescue Fails to Keep Equity in the Black

Thomas Oentoro’s Background
Thomas previously served as an independent commissioner at Garuda in 2023-2024, giving him experience in both oversight and management of the airline as it undergoes its transformation.

Before joining Garuda’s management, Thomas was chief risk officer at Indonesia Investment Authority (INA) from 2024 to 2025. He also held positions as vice president of the Mezzanine Capital Unit at OCBC and managing director at KV Asia Capital.

He studied finance at NYU Stern School of Business and earned an MBA from the University of Chicago Booth School of Business.

The new management lineup also brings in several executives with international aviation and industry experience.

Alan McIntyre was appointed commercial director. He previously served as executive manager of strategy at Qantas Group and chief customer and commercial officer at Jetstar.

Eric Ferdinand Sofyal was appointed operations director, bringing experience from his previous role as operations director at Citilink as well as several operational positions at Garuda.

Dina Sandri Fani was appointed human capital and corporate services director, while Neil Raymond Mills will serve as transformation director. Balagopal Kunduvara remains finance and risk management director, and Mukhtaris remains technical director.

The airline also appointed Jaan Albrecht and Trey Urbahn as independent commissioners. Albrecht previously served as CEO of Saudia Airlines, Austrian Airlines and Star Alliance, while Urbahn has held advisory and oversight roles at several airlines, including Spirit Airlines, Etihad Airways and TAP Air Portugal.

Garuda’s new board of directors:

• President Director: Thomas Sugiarto Oentoro
• Finance and Risk Management Director: Balagopal Kunduvara
• Operations Director: Eric Ferdinand Sofyal
• Technical Director: Mukhtaris
• Commercial Director: Alan McIntyre
• Human Capital & Corporate Services Director: Dina Sandri Fani
• Transformation Director: Neil Raymond Mills

Garuda’s new board of commissioners:

• President Commissioner: Glenny H. Kairupan
• Commissioner: Sugito Anjasmoro
• Commissioner: Chairal Tanjung
• Independent Commissioner: Mawardi Yahya
• Independent Commissioner: Jaan Albrecht
• Independent Commissioner: Trey Urbahn

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