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Wednesday, April 12, 2017, 19:05

Cathay chief takes helm at Swire

By Evelyn Yu
Cathay chief takes helm at Swire
Ivan Chu, then Chief Operating Officer for Cathay Pacific Airways speaks on July 19, 2013 during a press conference in Toulouse for the delivery of the 1,000th A330. (AFP PHOTO / REMY GABALDA)

Cathay Pacific on Wednesday announced senior management changes, with Ivan Chu Kwok-leung stepping down as executive director and chief executive to take up his appointment as chairman of John Swire & Sons (China).

Rupert Hogg, an executive director and the current chief operating officer of Cathay, takes Chu’s place as Cathay chief executive and chairman of Hong Kong Dragon

In a joint announcement filed after the Hong Kong market closed, Cathay said Chu would also step down as Chairman of Hong Kong Dragon Airlines, a wholly owned subsidiary of Cathay. Rupert Hogg, an executive director and the current chief operating officer of Cathay, takes Chu’s place as Cathay chief executive and chairman of Hong Kong Dragon.

Cathay reported a loss of HK$575 million for last year, its first dip into the red in eight years.

READ MORE: Intense competition pushes Cathay to loss

Rising competition from Chinese mainland and low-cost airlines contributed to a 9.4 percent year-on-year decline in revenue to HK$92.8 billion ($11.94 billion) but fuel hedging losses remained the main internal factor hitting profits.

Martin Murray, finance director at Cathay, said in a press conference last month that fuel hedging losses amounting to HK$8.5 billion, similar to those incurred in 2015, had stunted earnings; these losses were expected to continue this year.

The stock price of Cathay has declined from the recent peak of HK$11.96 hit on March 7 to HK$10.92 as of Wednesday.

evelyn@chinadailyhk.com
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