April 12, 2017 / 9:24 AM / 7 months ago

Cathay Pacific CEO to step down, to be replaced by COO

SHANGHAI (Reuters) - Cathay Pacific Airways (0293.HK) on Wednesday said its Chief Executive Ivan Chu will step down on May 1, and will be replaced by the airline’s current Chief Operating Officer Rupert Hogg.

FILE PHOTO - Ivan Chu, CEO of Cathay Pacific Airlines, makes a point during a panel discussion at the 2015 International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit in Miami Beach, Florida June 9, 2015. REUTERS/Joe Skipper - RTX1FT9H

It said in a statement to the stock exchange that Hogg would also become the chairman of Cathay Dragon and that Cathay Pacific will no longer have a chief operating officer.

The leadership reshuffle comes after Hong Kong’s flag carrier posted its first annual loss since 2008 last month and unveiled plans to cut the cost of middle and senior management roles at its Hong Kong head office by 30 percent.

Reporting by Brenda Goh; Editing by Himani Sarkar

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