Hui quits Dragonair
Stanley Hui has resigned as chief executive officer of Hong Kong-based Hong Kong Dragon Airlines Ltd. (Dragonair), as shareholders approved a shareholding realignment making the airline a wholly owned subsidiary of Cathay Pacific Airways.
Cathay Pacific responded by naming Kenny Tang CEO designate of Dragonair. Tang was managing director of Swire Pacific’s Taiwanese subsidiary Taikoo Motors. Before that, Tang was Cathay’s general manager for cargo.
In June, Cathay reached agreement to purchase the remaining 82.21 percent shares in Dragonair that it does not already own for a total of HK$8.22 billion ($1.06 billion) buying Air China-subsidiary China National Aviation Co.’s (CNAC) 43.29 percent shareholding, CITIC Pacific’s 28.50 percent, Swire Pacific’s 7.71 percent share, and another 2.71 percent from unspecified others.
