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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Swire Pacific Limited    0019   HK0019000162

SWIRE PACIFIC LIMITED

(0019)
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Swire Pacific : Cathay Pacific Announces Senior Management Changes

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08/16/2019 | 08:02am EDT
For Immediate Release 16 August 2019

Cathay Pacific announced today the following management changes, effective from 19th August:

• Mr. Augustus Tang appointed Chief Executive Officer, succeeding Mr. Rupert Hogg.
• Mr. Ronald Lam appointed Chief Customer and Commercial Officer, succeeding Mr. Paul Loo. Ronald Lam will remain Chief Executive Officer of Hong Kong Express until a successor has been appointed.

The Board of Directors of Cathay Pacific announced that it has accepted the resignation of Rupert Hogg as Chief Executive Officer and Paul Loo as Chief Customer and Commercial Officer. At a Board meeting today, Augustus Tang was appointed Chief Executive Officer and Ronald Lam was appointed Chief Customer and Commercial Officer. The Board of Directors believes that it is the right time for new leadership to take Cathay Pacific forward and that Augustus Tang and Ronald Lam, both of whom are highly experienced executives with long careers at Cathay Pacific, are ideally suited to lead the company.

John Slosar, Chairman of Cathay Pacific, commented, 'Augustus Tang and Ronald Lam have the experience and depth of knowledge of aviation and our people to be strong and effective leaders of Cathay Pacific at this sensitive time. Hong Kong is a fantastic home for our airline. It is a world class city and has a premium airport which is the biggest international passenger and cargo hub in Asia. Cathay Pacific has a relentless focus on standards of safety and care, and an unrivalled reputation for customer service.'

Mr. Hogg stated, 'It has been my honour to lead the Cathay Pacific Group over the last three years. I am confident in the future of Hong Kong as the key aviation hub in Asia. However, these have been challenging weeks for the airline and it is right that Paul and I take responsibility as leaders of the company.'

Mr. Slosar added, 'Rupert Hogg and his team executed the three-year Transformation Programme which has been important to Cathay Pacific's recovery and provides a strong platform for continued development. However, recent events have called into question Cathay Pacific's commitment to flight safety and security and put our reputation and brand under pressure. This is regrettable as we have always made safety and security our highest priority. We therefore think it is time to put a new management team in place who can reset confidence and lead the airline to new heights. Cathay Pacific is fully committed to Hong Kong under the principle of 'One Country Two Systems' as enshrined in the Basic Law. We are confident that Hong Kong will have a great future.'

Biographies of Mr. Augustus Tang and Mr. Ronald Lam can be found in the attachment.



Disclaimer

Swire Pacific Ltd. published this content on 16 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2019 12:01:03 UTC

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Financials (HKD)
Sales 2019 87 419 M
EBIT 2019 12 240 M
Net income 2019 18 685 M
Debt 2019 42 768 M
Yield 2019 4,31%
P/E ratio 2019 6,31x
P/E ratio 2020 11,2x
EV / Sales2019 1,72x
EV / Sales2020 1,62x
Capitalization 107 B
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Number of Analysts 8
Average target price 103,52  HKD
Last Close Price 77,90  HKD
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Merlin Bingham Swire Chairman
Mei Shuen Low Finance Director & Executive Director
Chien Lee Independent Non-Executive Director
Timothy George Freshwater Independent Non-Executive Director
Wai Mun Lee Independent Non-Executive Director
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