AirAsia Group chief executive Tony Fernandes is standing down on a temporary basis.
The Malaysian low-cost airline group confirmed he and the airline’s chairman would step aside for two months.
AirAsia has been implicated as part of investigations into bribery claims which have resulted in manufacturer Airbus being fined a record €3.6 billion on Friday.
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Fernandes and executive chairman Kamarudin Meranun will be retained as advisors to the company.
A statement from the airline group confirmed that Air Asia was mentioned in the Airbus judgement.
An independent committee of non-executive members of the board has been formed.
“The committee’s main objective will be to review the allegations therein so far as it concerns AirAsia Group, and to take any necessary action based on the review,” the airline said.
AirAsia confirmed that Fernandes, co-owner of UK football club QPR, and Meranun “will relinquish their executive positions within the group, effective immediately, for a period of two months or such other period that the company may deem fit.
“The committee has decided that in view of the current difficult economic circumstances facing the airline industry, to retain them as advisors to the company during this two month period.
“As advisors, they will not have executive authority within the group.”
AirAsia said it will fully co-operate with the Malaysian Anti-Corruption Commission and the relevant authorities where required.
Fernandes, Meranun and AirAsia deny any wrongdoing.
“As a customer of Airbus since 2005, AirAsia never made purchase decisions that were premised on an Airbus sponsorship,” the airline said.
“We also wish to emphasise that all negotiations and dealings leading to the signing of any aircraft purchase agreement have been undertaken directly with Airbus on an arm’s length basis, and without the involvement of any third parties or intermediaries.
“AirAsia executives negotiated rigorously in the interests of the company and had at all times acted in good faith.”
Airbus confirmed on Friday that is had reached agreements with the UK Serious Fraud Office and authorities in the US and France to resolve investigations into allegations of bribery and corruption and agreed to pay penalties of almost €3.6 million.
Airbus chairman Denis Ranque said on Friday: “The settlements we have reached turn the page on unacceptable business practices from the past.
“The strengthening of our compliance programmes at Airbus is designed to ensure that such misconduct cannot happen again.
“The agreements also reflect that the decision to voluntarily report and co-operate with the authorities was the right one.
“The commitment from the board, and its ethics and compliance committee, to provide full support to the investigation and the implementation of globally recognised compliance standards have paved the way to today’s agreements.”