Cathay Pacific's Chairman John Slosar retires
After working with corporates for nearly four decades, John Slosar is now retiring from his recent role as Cathay Pacific’s Chairman.
Cathay Pacific Airways Ltd., is one of the companies worst affected by the pro-democracy demonstrations currently sweeping Hong Kong. The airline faced pressure online after China's state-run press fuelled a #BoycottCathayPacific hashtag, which trended on Chinese social media.
Last month, Cathay Pacific’s CEO Rupert Hogg had resigned, following the protests. Now, the latest executive to leave the troubled airline is Slosar. However, his exit has nothing to do with these protests.
In a memo to employees viewed by The New York Times, Slosar described the recent weeks as the “most extraordinary and challenging times” the airline had experienced.
He further added, “Each time we have faced challenging times, we have emerged stronger than ever before,” the memo read. And I do believe this will be the case once again, so have confidence.”
Slosar will be replaced as Chairman by Patrick Healy, a veteran from the Swire Group conglomerate, the airline's majority shareholder. Healy is joining the leadership at a crucial phase and he would have to play an influential role in guiding the airlines out of the chaos.
Slosar has worked for Swire and its related companies for 39 years. He has been a top executive at Cathay Pacific for more than a decade. He was appointed as Chief Executive in 2011, and then went on to become the Chairman in 2014. Under his leadership the airline has witnessed growth, as Asia’s economic growth took off. But in recent years, the airline has been pressured by the rise of budget carriers.
The unrest in Hong Kong is affecting business and has begun to take a toll on Cathay’s traffic. Hong Kong has seen months of often-violent protests calling for democracy and less influence from China. The protests were sparked by changes to a law that would allow extradition to mainland China.
On Wednesday, embattled Chief Executive Carrie Lam withdrew the controversial extradition bill but that has failed to appease the activists. In fact, more protests are expected this weekend, as activists threatened to disrupt transport links to the airport. When will the protests stop still remains unknown and uncertain. The businesses in Hong Kong continue to explore and strategize ways of how they can navigate through the unrest in the country.
Image Credits: Bloomberg