Chairman John Slosar of Hong Kong’s Cathay Pacific Airways jolted its top ranks further as he submitted resignation on Wednesday, less than three weeks after positioning Chinese regulatory investigation drove to the shocking departure of its chief govt.
The airline has become the most prominent company casualty of anti-government protests after China necessitated it suspend staff involved in, or who support, demonstrations which have fallen the former British colony into a political crisis.
Slosar, 63, shall be replaced by Patrick Healy, a long-time executive on the airline’s top shareholder and manager Swire Pacific Ltd, Cathay announced.
Cathay shares rose 7.2% on Wednesday as media experiences that an extradition bill that triggered months of distress shall be withdrawn pushed up the market.
Hong Kong leader Carrie Lam later introduced the withdrawal of the bill.
In a filing to the stock trade, Cathay stated Slosar, who has been chairman since 2014, “confirmed that his resignation is because of his retirement and that he’s not aware of any disagreement with the Board of the Company.”
Slosar’s latest three-year board period had been due to expire in Might 2020 without held by a shareholder vote, according to regulatory filings, though a spokeswoman stated his retirement had been planned “for some time.”
His resignation followed the departure of CEO Rupert Hogg last month. Hogg was changed by Augustus Tang, who had previously headed Swire’s aircraft maintenance firm.
The departure of Slosar, a former Cathay CEO who has spent 39 years with Swire, and the appointment of Healy will take effect after Cathay’s Nov. 6 board meeting.