Egypt replaces EgyptAir chairman, aiming to return to profits after $1.3B in losses

Egypt's civil aviation minister says he is replacing EgyptAir's chairman in a bid to return the company to profitability, after it accumulated over a billion dollars in losses since the 2011 uprising that toppled longtime autocrat Hosni Mubarak.

Civil Aviation Minister Hossam Kamal sad Thursday that Sherif Fathy will replace Sameh el-Hefny to lead the state-owned company, improve its services and its online purchasing and marketing methods.

El-Hefny said earlier this year that the company accrued losses of up to 10.3 billion Egyptian pounds ($1.3 billion) since the January 2011 uprising that toppled longtime President Hosni Mubarak.

Fathy has worked in managerial positions, including at KLM Royal Dutch Airlines and Northwest Airlines in the U.S.

Egypt's tourism industry has been struggling to rebound following years of political turmoil.