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Riad Asmat

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Riad Asmat
NationalityMalaysian
EducationSunway College (Western Michigan University twinning programme); Western Michigan University (BA, MA)
OccupationBusiness executive
CompanyAirAsia Berhad
TitleChief Executive Officer, AirAsia Berhad (2018 to 2023)

Riad Asmat is a Malaysian business executive who led the Malaysian operations of the low-cost airline AirAsia as chief executive officer of AirAsia Berhad from January 10, 2018, to December 31, 2023. Before his time at the airline he was the founding chief executive of the Malaysian-backed Formula One team assembled by Tony Fernandes in 2009, which raced as Lotus Racing and Team Lotus before becoming Caterham, and from August 2011 he was group chief executive of the wider Caterham business, which took in the Formula One team, a GP2 team, the British sports car maker Caterham Cars and several engineering ventures.[1][2]

Asmat studied in Malaysia and the United States, graduating from Western Michigan University with bachelor's and master's degrees, and began his career in public relations at Nike's Malaysian operation. He then worked at the Sepang International Circuit and, from 2006, in the managing director's office of the carmaker Proton Holdings, where he ran the company's motorsport programme, including its involvement in A1 Team Malaysia.[3]

After leaving the Caterham group in early 2014, Asmat spent more than three years as director of corporate planning, strategy and business development at Naza Corporation Holdings, a Malaysian automotive group, before Fernandes named him chief executive of AirAsia's Malaysian airline in December 2017.[1][4] His tenure of almost six years covered the COVID-19 pandemic, and AirAsia Aviation Group credited him with steering the airline through it.[5]

On stepping down as chief executive, Asmat joined the board of advisers of AirAsia Aviation Group and was reported to be remaining on the boards of AirAsia Berhad and the ground-handling joint venture Ground Team Red, while doing consultancy work for Capital A Aviation Services.[5] He is the son of Asmat Kamaludin, a Malaysian corporate figure who has chaired the carmaker Perodua and sat on the board of AirAsia X.[6][7]

Early life and education

Riad Asmat is the son of Asmat Kamaludin, who was described in 2011 as chairman of Perodua, Malaysia's second national carmaker, and who later served as an independent non-executive director of AirAsia X.[6][7] Asmat was 38 years old when he was named chief executive of the 1Malaysia F1 team in October 2009, and AirAsia Berhad gave his age as 46 in its December 2017 stock exchange filing announcing his appointment.[3][1]

He began his tertiary education at Sunway College in Petaling Jaya, Selangor, on the college's twinning programme with Western Michigan University, and completed it in the United States at the university's campus in Kalamazoo, Michigan.[1] According to the AirAsia Berhad filing, he earned a Bachelor of Arts majoring in public relations with a minor in general marketing, and then a Master of Arts majoring in organizational communication, both from Western Michigan University.[1] The Malaysian national news agency Bernama reported in 2009 that he joined Nike "soon after" completing the master's degree.[3]

Career

Nike, Sepang International Circuit and other early roles

After returning to Malaysia, Asmat joined the public relations division of Nike's Malaysian operation. Bernama described his interest in sport as a "major factor throughout his career", and wrote that his involvement in motorsport developed further when he moved to the Sepang International Circuit, the Formula One venue outside Kuala Lumpur.[3] The sports business publication iSportConnect also listed the courier company UPS among his earlier employers, alongside Nike, Sepang International Circuit and Proton.[8] The dates of these early positions have not been published.

Proton Holdings, 2006 to 2010

Asmat joined Proton Holdings Berhad, the Malaysian national carmaker, in February 2006, working in the managing director's office in Subang Jaya, Selangor, as general manager and special officer.[1] Proton gave him responsibility for developing its motorsport programme, which included the R3 performance and racing division and the Proton Axle Team, and he managed the company's involvement in A1 Team Malaysia in the A1 Grand Prix series.[6][3] A profile note issued when he moved to Formula One said his operational experience had brought Proton's motorsport programme to "a fairly successful level".[3] At the time Proton was also the owner of the British engineering and sports car company Group Lotus, which gave Asmat knowledge of the Lotus business before the naming dispute that later involved his Formula One team.[9] The AirAsia Berhad filing records his Proton employment as running until February 2010.[1]

1Malaysia F1 team and Team Lotus, 2009 to 2011

Asmat was involved in the project to create a Malaysian Formula One entry from its start in 2009, and Motorsport.com later described him as one of the founders of "Tony Fernandes' version of Team Lotus".[9] On October 30, 2009, Fernandes, then the team principal, announced at a media briefing at Sepang that Asmat had been appointed chief executive officer of 1Malaysia F1 Team Sdn. Bhd., which was preparing to enter the 2010 FIA Formula One World Championship.[3] Fernandes said that Asmat's "good blend of both corporate experience and motorsports knowledge" would give the team the leadership it required.[3]

At the announcement Asmat, then 38, told reporters that he had had to persuade his wife, who was sceptical about him taking the job. "I've been part of this project from the beginning and now I've to get down to work as CEO and turn the outfit into a profitable team," he said.[3] Fernandes used the same briefing to describe the outfit as "a low cost team".[3]

The AirAsia Berhad filing lists Asmat's title from February 2010 as President and Chief Executive Officer of Caterham Automotive, based at Hingham in Norfolk, England.[1] The team made its debut in 2010 as Lotus Racing and raced as Team Lotus in 2011.[10][6] During this period Asmat was credited with setting up the group's GP2 feeder series team, Caterham Team AirAsia, which won for the first time at Monaco in May 2011, and with the acquisition of the British sports car maker Caterham Cars.[11][2] He also acted as team principal of the GP2 team.[6]

Group chief executive of Caterham, 2011 to 2013

On August 24, 2011, Fernandes and his fellow shareholders Kamarudin Meranun and SM Nasarudin announced that Asmat had been promoted, with immediate effect, to group chief executive of Team Lotus, Caterham Cars, Caterham Team AirAsia, merchandising, engineering and all related interests.[2] Until then he had been chief executive of the Formula One team alone; Motorsport.com reported that the move brought the newly acquired Caterham Cars business and the GP2 team under one umbrella, with Asmat in charge of "anything to do with automotive and engineering".[9] The promotion came five days after Fernandes announced that he was buying the English football club Queens Park Rangers, and Autosport noted that it was not clear whether it would lead to changes in the Team Lotus structure.[11]

Accepting the role, Asmat said: "Big challenges lie ahead of us, but with the inspiration and passion of Tony, Din and Nasa to call on, and the support of the talented, dedicated people we have in each of our group companies, I am excited about what lies ahead." He described the Formula One objective as being to "grow over the long-term and achieve our goals in realistic timeframes", and said the group's road cars would be "efficient, light, technologically innovative".[2] Fernandes said the shareholders had first met Asmat in 2009 and had been "immediately struck by his passion, hard work and determination to succeed".[2]

In November 2011, speaking to Gulf News at a non-championship GP2 round at the Yas Marina Circuit in Abu Dhabi, where his driver Luiz Razia finished on the podium, Asmat argued that "the future of this sport lies in Asia". He said the group was trying to create routes into motorsport for Asian drivers through its own teams and its driver development programme, which that year had signed seven more drivers, including Alexander Rossi. "Asia is a growing area in totality. I come from Asia so I obviously I will have a bias to push Asian motorsport to grow," he said.[6] He told the newspaper that the group was working to a five-year programme and had reached most of its objectives after the second year.[6]

Later in 2011 the shareholders reorganised their motorsport and automotive interests as the Caterham Group, and the Formula One team took the Caterham name, which it used in 2012, after a dispute over the use of the Lotus name.[12] In a December 2011 interview Asmat described a holding group owned by the same shareholders, with the Formula One team at its centre and new businesses branching from it: an engineering services company, Caterham Technology and Innovation, which would apply Formula One technology to road cars and sell engineering know-how to outside customers, and Caterham Composites, which would look for work in aviation and marine industries. He said the group hoped to introduce a new car model in 2014.[12] On the change of name he said: "there comes a point where pragmatism has to come into play and I'm happy that we've reached an amicable solution over naming and that now there will be no more confusion."[12]

In the same interview Asmat said that his original brief had been "just Formula One", and that although he now had overall responsibility for the group, the Formula One team still needed most of his time. "Once we cross that bridge maybe I can focus more on the group but for the moment there's a need here," he said. He predicted that "in three years I do think we will be a force to be reckoned with; be it in Formula One, the car business or in technology."[12] He continued to appear for the Formula One team as its chief executive officer in 2012, including at official press conferences.[10]

Late in 2013 Asmat handed control of the group to Graham Macdonald. Crash.net described this as "handing over the reins", while iSportConnect reported that he had lost his job to Macdonald.[10][8]

Departure from Caterham, 2014

On February 13, 2014, Asmat announced on Twitter that he had left Caterham after five years. "It's been 5 wonderful years with all the ups and downs as well as the emotions that came with it," he wrote, adding that working with the team had made him "a better person, a friend, a family member and a leader".[10] The AirAsia Berhad filing gives February 2014 as the end of his Caterham role.[1]

Naza Corporation Holdings, 2014 to 2017

From September 2014 Asmat was director of corporate planning, strategy and business development at Naza Corporation Holdings Sdn Bhd in Kuala Lumpur.[1] He held that post when AirAsia announced his appointment in December 2017; Free Malaysia Today described him as an "ex-Naza director".[4][13] Details of his work at Naza have not been reported.

AirAsia Berhad, 2018 to 2023

On December 13, 2017, AirAsia group chief executive Tony Fernandes announced at a press conference at the airline's headquarters in Sepang that Asmat would become chief executive of AirAsia Berhad, the group's Malaysian airline, succeeding Aireen Omar, who was promoted to deputy group chief executive for digital, transformation and corporate services.[4] AirAsia Berhad's filing to Bursa Malaysia gave January 10, 2018, as the effective date.[1] Under the new structure Asmat reported to Bo Lingam, deputy group chief executive for the airline business.[13] Fernandes said that "Riad's appointment and Aireen's transition will provide support for continued success", and Asmat said that he was "humbled and honoured" to lead the airline.[4]

The same announcements made Captain Adrian Jenkins chief operating officer and put Aireen Omar in charge of the group's non-airline businesses, as AirAsia said it was restructuring its priorities to take advantage of digital technology.[4][13] Asmat's remit was the airline's Malaysia-based operations.[13][5]

The appointment drew attention because Asmat's father, Asmat Kamaludin, was a director of the affiliated long-haul carrier AirAsia X.[13] In a July 2018 cover story for The Edge Malaysia's Options magazine, father and son said there was "zero chance of nepotism or bias", noting that AirAsia and AirAsia X were separate companies and that the elder Asmat did not take part in hiring senior executives.[7] AirAsia Berhad's filing declared no family relationship between Asmat and any director or major shareholder of the listed company, and no interest in its securities.[1]

Asmat led AirAsia Malaysia through the COVID-19 pandemic. When he left, AirAsia Aviation Group said that he had "played a crucial role in navigating the airline through the challenges posed by the Covid-19 pandemic" and that his leadership had been "instrumental in not only sustaining the airline during these unprecedented times but also in positioning it for a promising future in the post-pandemic landscape".[5]

Resignation and advisory roles, 2023 onwards

On December 30, 2023, Asmat announced on Instagram that he was resigning as chief executive of AirAsia Berhad with effect from December 31, 2023, saying he would "take a bit of break and transition into possible advisory roles for this organisation".[14] The same day AirAsia Aviation Group appointed him to its board of advisers, and said he would remain on the boards of AirAsia Malaysia and Ground Team Red, a joint venture between AirAsia Malaysia and the Singapore company SATS, while providing consultancy work for Capital A Aviation Services.[5][15]

Bo Lingam, by then group chief executive of AirAsia Aviation Group, thanked Asmat for "his outstanding leadership and remarkable contributions" and said operations would be unaffected while a new chief executive was appointed.[5] The group said it would announce further changes to the company's structure and personnel. Bloomberg, in a report republished by Air Freight News, linked the change to the efforts of the parent company, Capital A, to expand beyond aviation; Fernandes had said in September 2023 that he expected its non-airline businesses to become larger than its airline operations within five years.[16]

In his statement Asmat thanked "Datuk Kamarudin, Tony, Bo and all our Allstars" and said: "While stepping down as CEO, I am looking forward to continue supporting the company in its next chapter."[5] In his Instagram post he wrote that he had "loved every single bit of the journey with AirAsia with no regrets" and that "I don't really believe in goodbyes as it's more of a 'see you around' thing for me."[14][17] No later executive appointment for Asmat had been reported as of October 2026.

Leadership and management style

Asmat's public statements in motorsport stressed gradual growth to fixed timetables. On becoming group chief executive in 2011 he described the aim as growing "over the long-term" and achieving goals "in realistic timeframes", and he told Gulf News that the team worked to a five-year programme with annual objectives.[2][6] In December 2011 he said that "the best moments are when you hit those goals", and that success was "not individual; as a team we did it".[12]

He described his working relationship with the Caterham shareholders as informal: "to me it still feels like a family thing. We discuss things, we argue, we agree to disagree, but we get things done and that's the most important thing." He also said that, working for the shareholders, "you can find yourself anywhere, doing anything and I accept that, and I love doing that."[12]

Asmat presented the group's expansion beyond racing as a way of making the Formula One team commercially viable. He said Formula One gave the group a global marketing platform across 20 territories, but that "in the real world we have to make it sustainable", and that revenue from engineering, composites and road cars would "feed back to the F1 team and give it greater stability". He said the group's road cars should be practical rather than "something unaffordable".[12] In 2009 he had said his task was to "turn the outfit into a profitable team".[3]

In Formula One he spoke of Asia as an under-served market for the sport, saying that Asian drivers lacked "accessibility" and that the group's Asian-owned teams were meant to open routes for them.[6]

Board memberships and outside roles

  • AirAsia Aviation Group, member of the board of advisers (appointed December 2023)[5]
  • AirAsia Berhad, board member (reported as continuing after December 2023)[5]
  • Ground Team Red, a joint venture of AirAsia Malaysia and SATS, board member (reported as continuing after December 2023)[5]
  • Capital A Aviation Services, consultant (from December 2023)[5]

AirAsia Berhad's 2017 filing stated that Asmat held no directorships in public companies or listed issuers at the time of his appointment.[1]

Personal life

Bernama reported in 2009 that Asmat was married and a father of three.[3] He told reporters that year that he was 5 feet 4 inches tall and that his friends used to call him "Napoleon" because of his height.[3]

His father, Asmat Kamaludin, has been chairman of Perodua and an independent non-executive director of AirAsia X. In their 2018 joint interview with Options, the two said that their careers had brought them into the same group of companies by chance rather than through family succession planning.[7][6]

See also

References

  1. ↑ 1.00 1.01 1.02 1.03 1.04 1.05 1.06 1.07 1.08 1.09 1.10 1.11 1.12 <ref>"Change In Principal Officer: Mr Riad Asmat".AirAsia Berhad (Bursa Malaysia filing, via Capital A).December 13, 2017.Retrieved October 29, 2026.</ref>
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 <ref>"Asmat promoted to Team Lotus Group CEO".Motorsport Week.August 24, 2011.Retrieved October 29, 2026.</ref>
  3. ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 <ref>"Riad Asmat From Proton Is New 1Malaysia F1 Racing Team CEO".Bernama.October 30, 2009.Retrieved October 29, 2026.</ref>
  4. ↑ 4.0 4.1 4.2 4.3 4.4 <ref>Kaur, Minderjeet."AirAsia appoints new CEO, as Aireen Omar moves up".December 13, 2017.Retrieved October 29, 2026.</ref>
  5. ↑ 5.00 5.01 5.02 5.03 5.04 5.05 5.06 5.07 5.08 5.09 5.10 <ref>"Riad Asmat appointed to AirAsia Aviation Group's board of advisers following resignation as AirAsia Malaysia CEO".December 30, 2023.Retrieved October 29, 2026.</ref>
  6. ↑ 6.00 6.01 6.02 6.03 6.04 6.05 6.06 6.07 6.08 6.09 <ref>"The future for AirAsia is Asia, say Group CEO".November 13, 2011.Retrieved October 29, 2026.</ref>
  7. ↑ 7.0 7.1 7.2 7.3 <ref>"Cover story: AirAsiaX's Tan Sri Asmat Kamaludin and AirAsia's Riad Asmat".July 23, 2018.Retrieved October 29, 2026.</ref>
  8. ↑ 8.0 8.1 <ref>"Former CEO Riad Asmat Leaves Caterham after Five-Year Stint".iSportConnect.February 13, 2014.Retrieved October 29, 2026.</ref>
  9. ↑ 9.0 9.1 9.2 <ref>"Riad Asmat takes on more responsibility at Team Lotus".Motorsport.com.August 24, 2011.Retrieved October 29, 2026.</ref>
  10. ↑ 10.0 10.1 10.2 10.3 <ref>"Former CEO Asmat leaves Caterham".Crash.net.February 13, 2014.Retrieved October 29, 2026.</ref>
  11. ↑ 11.0 11.1 <ref>"Team Lotus promoted Riad Asmat to Group CEO".Autosport.August 24, 2011.Retrieved October 29, 2026.</ref>
  12. ↑ 12.0 12.1 12.2 12.3 12.4 12.5 12.6 <ref>"Q&A with Riad Asmat, Caterham Group CEO".Nextgen-Auto.December 13, 2011.Retrieved October 29, 2026.</ref>
  13. ↑ 13.0 13.1 13.2 13.3 13.4 <ref>"AirAsia names Riad Asmat CEO, shuffles senior leadership roles".Marketing-Interactive.December 14, 2017.Retrieved October 29, 2026.</ref>
  14. ↑ 14.0 14.1 <ref>"AirAsia CEO Riad Asmat announces resignation".December 30, 2023.Retrieved October 29, 2026.</ref>
  15. ↑ <ref>"AirAsia Aviation Group lantik Riad Asmat sebagai Ahli Lembaga Penasihat".December 30, 2023.Retrieved October 29, 2026.</ref>
  16. ↑ <ref>"AirAsia Malaysia CEO Riad to leave role after almost 6 years".Air Freight News (from Bloomberg).December 2023.Retrieved October 29, 2026.</ref>
  17. ↑ <ref>"AirAsia Malaysia CEO Riad announces resignation".January 1, 2024.Retrieved October 29, 2026.</ref>
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