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everal names, all of which are all linked to state-owned enterprises, have begun to circulate in talks on filling the top executive position at national flag-carrier Garuda Indonesia, which has seen strong brand development in recent years but is struggling financially.

Among the candidates to replace outgoing Garuda CEO Emirsyah Satar are former Bank Mandiri president director Zulkifli Zaini, Bank Rakyat Indonesia (BRI) president director Sofyan Basyir and former Garuda marketing and sales director Elisa Lumbantoruan.

Indonesian Deposit Insurance Corporation (LPS) executive chairman Kartika Wirjoatmodjo, former Telkom president director Rinaldi Firmansyah and Elnusa president director Elia Massa Manik have also been mentioned, state news agency Antara reported, citing an unidentified source.

Local media quoted State-Owned Enterprises (SOE) Minister Dahlan Iskan as confirming Zulkifli and Sofyan as the candidates. All of the aforementioned companies, as well as the LPS, are state-owned.

'€œWe are still evaluating the candidates,'€ Dahlan told reporters in Makassar, South Sulawesi. '€œYes, [Zulkifli] is among [the candidates]. The BRI president director as well. There are also other candidates.'€

Emirsyah, who was appointed as president director of Garuda in 2005, will end his second tenure in September.

During Emirsyah'€™s term, Garuda was recognized as the World'€™s Best Regional Airline and the World'€™s Best Economy Class in 2012 and 2013, respectively, by the global airline review and ranking consultancy Skytrax. Last month, the airline also received a World'€™s Best Cabin Staff award.

But the accomplishments stop there, as Emirsyah will leave Garuda with a legacy of big losses and debts, according to MNC Sekuritas research head Edwin Sebayang who, like many other analysts, believes that Garuda should have a new leader who is able to restructure its leadership.

The publicly listed airline has been suffering from losses over the past year with its net loss amounting to US$211.7 million in the first half of the year, 19 times the $10.92 million net loss it booked in the same period of 2013.

Garuda'€™s strained finances are also reflected by its high debt-to-equity ratio (DER). With $2.05 billion in total liabilities and $1.28 billion in shareholder equity at the end of June, Garuda'€™s DER is 1.6, which is relatively high.

Garuda'€™s poor financial performance is reflected in its share price, which struggled to reach its initial public offering (IPO) price when the stocks went public in 2011. Shares in Garuda, traded under the code GIAA on the Indonesia Stock Exchange, closed Tuesday'€™s trading session at Rp 423 apiece, while their IPO price was Rp 750 each.

'€œGaruda needs someone who has the ability to restructure its whole management. Someone who is able to reduce the firm'€™s debt, but at the same time also has the skills to continue the airline'€™s expansion,'€ Edwin told The Jakarta Post.

Sofyan, according to Edwin, has succeeded in increasing BRI'€™s profit margin, which is mostly derived from its micro and small loans. Meanwhile, Zulkifli has much-needed experience in corporate credit, he said.

Emirsyah has previously said that he wanted one of his fellow executives from Garuda to be his successor, so that he or she would understand the problems in the airline and know how to resolve them.

Rumors have also abounded that former Garuda marketing and sales director Elisa Lumbantoruan is a potential candidate to replace Emirsyah. In 2013, Elisa was replaced by Erik Meijer, who previously served as director and chief commercial officer of PT Indosat.