Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters.
The staff reduction represents about 30 percent of its current workforce of 20,000. A search for a new CEO is underway but there is no move to change the airline's name, which some branding experts had said was necessary for a successful makeover.
Khazanah Nasional, the state investment company that owns 69 percent of the airline, said the overhaul includes the establishment of a new company that will take over the existing Malaysia Airlines business and its reduced staff.
The revamp and new investment in the carrier will cost about 6 billion Malaysian ringgit ($1.9 billion).