By Keith Laing - 08/20/14 01:37 PM EDT
Malaysia Airlines is considering hiring a new chief executive who is currently a high-profile economic policymaker in the country, Reuters reports.
The airline, which is mostly owned by the Malaysian government, suffered two catastrophic incidents within four months of each other this year, when one of its planes went missing in March and another was shot down over Ukraine last month.
The company is considering turning now to Idris Jala, who is the currently the head of Malaysia’s Economic Transformation Program and also a former chief of the troubled airline, according to the report.
The beleaguered company is considering becoming a “premium airline” as it looks to recover from the twin disasters that have damaged its brand in 2014, according to the report.
Malaysia Air was said to be facing a potential bankruptcy in May, after its stock value dropped to its lowest levels since 1998.
The trouble for the company first begun when its Flight 370 disappeared in March while it was carrying 239 passengers. The disappearance of the Boeing 777 airplane, which has still not been found, roiled the international aviation industry and caused turmoil for the airline.
The turbulence surrounding the Malaysian airline only grew worse when Flight 17 was shot down over Ukraine in July, resulting in the deaths of another 298 passengers who were on board that plane at the time.
The crash of Malaysia Air Flight 17 has been attributed to Russian separatists, who are involved in a dispute over the area of Ukraine near Crimea.
U.S. officials have alleged that the plane was shot down using technology supplied by the Russian government.