Cathay Pacific to replace CE as losses mount
Battered by financial losses and rising competition from low-cost airlines, Cathay Pacific said Wednesday that it would replace its CE. Cathay. controlled by the Swire conglomerate, said in a stock exchange filing that Ivan Chu, a 3-decade veteran of Swire, would step aside as CE but would retain a seat on the board. Rupert Hogg, 55, who has been at Swire since 1986 and is currently Cathay’s COO, will replace Chu. The move is part of a broader reshuffling of the airline’s executive ranks. Like other full-service airlines in the region, Cathay has faced growing competition from low-cost carriers. It has also made unlucky financial bets on the direction of fuel prices, one of its biggest operating costs. Overcapacity on many popular routes to mainland China has also weighed on its performance. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-04-13/oneworld/cathay-pacific-to-replace-ce-as-losses-mount
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Cathay Pacific to replace CE as losses mount
Battered by financial losses and rising competition from low-cost airlines, Cathay Pacific said Wednesday that it would replace its CE. Cathay. controlled by the Swire conglomerate, said in a stock exchange filing that Ivan Chu, a 3-decade veteran of Swire, would step aside as CE but would retain a seat on the board. Rupert Hogg, 55, who has been at Swire since 1986 and is currently Cathay’s COO, will replace Chu. The move is part of a broader reshuffling of the airline’s executive ranks. Like other full-service airlines in the region, Cathay has faced growing competition from low-cost carriers. It has also made unlucky financial bets on the direction of fuel prices, one of its biggest operating costs. Overcapacity on many popular routes to mainland China has also weighed on its performance. <br/>
