ISLAMABAD, Dec. 13 (UPI) -- Muhammad Azam Saigol, chairman of Pakistan International Airlines, resigned one week after a plane crash killed 47 people aboard, a company spokesman said.
The spokesman said Saigol, 65, left his position with the state-owned airline Monday on "personal grounds," Bloomberg News reported Tuesday. The company's shares fell 8.9 percent Tuesday on the Karachi Stock Exchange.
The crash of an ATR-42 turboprop plane near the Pakistani city of Havelian killed all aboard, including popular singer and evangelist Junaid Jamshed. All 10 ATR-42 planes in PIA's fleet were grounded for testing, and Pakistani Prime Minister Nawaz Sharif demanded an independent investigation.
Saigol was appointed company chairman in June. The airline has seen frequent labor conflict and has not made a profit in a decade. Pakistan's Dunya News agency reported Tuesday that PIA management was angered because it was not consulted in the decision to ground the airline's planes after the crash.