KARACHI, Oct 12 (Reuters) - Pakistan has appointed Air Vice Marshal Arshad Malik as chairman of loss-making Pakistan International Airlines (PIA), the information minister has said.

A new chief executive officer will also be named soon to replace Musharraf Rasool Cyan, who was removed last month by Pakistan’s top court after it found irregularities in his appointment.

Malik’s appointment comes days after the carrier was sanctioned by the Pakistan Stock Exchange for not complying with bourse rules, a move which sent PIA shares tumbling.

“Air Vice Marshal Arshad Malik has been appointed as the new chairman of PIA. He is a serving Air Marshal and an excellent professional,” information minister Fawad Chaudhry said at a press conference on Thursday.

He said the decision was taken at a cabinet meeting headed by new Prime Minister Imran Khan.

Pakistan’s new government that came to power in July has made one of its priorities the revival of state-owned businesses. Khan’s government has vowed to restructure the airline after previous efforts to privatise the carrier failed. (Reporting by Syed Raza Hassan; Editing by Saad Sayeed snd Darren Schuettler)