Today has been a massive day at Cathay Pacific, with possibly the biggest news being CEO Ivan Chu being replaced by Mr. Rupert Hogg.
Here is the official report from Swire Pacific Limited & Cathay Pacific,
Mr. CHU Kwok Leung Ivan, an Executive Director and the current Chief Executive of Cathay Pacific, will be re-designated as a Non-Executive Director (of Cathay Pacific) on his appointment as Chairman of John Swire & Sons (China) Limited. At the same time, he will step down as Chairman of Hong Kong Dragon Airlines Limited (“Cathay Dragon”), a wholly owned subsidiary of Cathay Pacific.
Mr. Rupert Bruce Grantham Trower HOGG, an Executive Director and the current Chief Operating Officer of Cathay Pacific, will be appointed as Chief Executive Officer of Cathay Pacific. He will become Chairman of Cathay Dragon and will remain the chairman of the executive committee of Cathay Dragon.
The change in CEO is set to take place on May the 1st. Mr Chu has been the CEO of Cathay Pacific since March 2014.
South China Morning Post is reporting that when Mr. Ivan Chu was in control of Cathay Pacific, the airline had losses of up to $74 million. The move to replace Mr. Chu is obviously due to poor performance for the company.
As well as this massive change, Australian Business Traveller is reporting that the carrier will be introducing a brand new First Class product for their 777-9x into the market from around 2021.
They will also be introducing a third generation Business Class for the 777-9X and on top of that, the airline will be replacing the current Zodiac Cirrus seats on the A350. The seats from what I’ve seen, are in terrible condition and Zodiac is to blame for this one, not Cathay Pacific.
What a day at Cathay Pacific!
Featured image – South China Morning Post