Fuel costs after hedging fell by HK$7.6 billion from a year earlier, but the benefits were offset by the decline in flying and losses on fixed volume fuel hedges. Since then he has held numerous positions within the airline group, notably Director Corporate Development, Director Corporate Planning, and General Manager Business Improvement.
Geopolitical tension and the threat of a global recession will impact trade and could have a negative impact on air travel and cargo demand, the carrier said, warning that the second half of 2020 isn’t likely to be better than the first. Cathay Pacific chairman Patrick Healy has warned that “tough decisions will need to be made” by the fourth quarter of the year as part of “right-sizing” efforts. Copyright © 2019 Caixin Global Limited. He has also led a number of departments across the airline, including Customer Experience, Sales and Distribution, Procurement and Aircraft Trading, and Strategic Transformation. The Board of Directors has appointed Mr. Patrick Healy to succeed Mr. Slosar as Chairman of Cathay Pacific. Covid-19 struck just as Cathay was trying to rebuild following protests in Hong Kong that led to changes in senior management and a sharp drop in traffic last year. Before joining the Group, Alex worked for an international airline based in London and a technology start up in Seattle.
He will also be supervising development and operation of the Group’s corporate governance framework, and maintaining oversight of all legal, compliance and regulatory activities of the Group, including managing the Group’s key external legal and regulatory relationships. Those cost-control measures still aren’t sufficient, and a group restructuring will be necessary, Healy said. Marco Polo Club or Asia Miles member? A review of the shape and size of the company will be presented to the board by the fourth quarter, Healy said, without ruling out job cuts.
The tie-up will see…. Please use your membership number or username. You are on Membership holiday until #membershipHolidayEndDate#. Cathay said it agreed with Airbus SE to defer deliveries of A350s and A321neos until possibly 2025, and it is in “advanced negotiations” with Boeing Co. for the deferral of B777-9 widebodies. Geopolitical tensions and the threat of a global recession will hurt trade and could have a negative effect on air travel and cargo demand, the carrier said. The three-year transformation programme now nearing completion leaves Cathay well-positioned for continued growth in the future.”, Mr. Slosar said, “Being the Chairman of Cathay Pacific has been the greatest of privileges for me. In November 2011, he was appointed Managing Director of Swire Pacific Offshore (SPO). All fields are required. Subscribe to Caixin Global starting at $0.99. Receive the latest news and updates directly to your inbox. In addition he oversees the Cathay Pacific Group’s passenger service subsidiaries including Cathay Pacific Catering Services, Hong Kong Airport Services, Vogue Laundry Service, and Shanghai International Airport Services. He will be replaced by Patrick Healy, 53, a longtime executive at John Swire & Sons (H.K.) During the midday trading break, Cathay reported a first-half net loss of HK$9.9 billion ($1.3 billion) as the pandemic brought travel to a near standstill. He has been at Swire Group since 1988. He will be replaced by Patrick Healy, 53, a longtime executive at John Swire & Sons (H.K.) Support quality journalism in China. At a media briefing later, Cathay Chief Customer and Commercial Officer Ronald Lam said the company, which typically relies on mainland traffic for a large portion of revenue, hadn’t heard any official news on reopening Hong Kong for transfer flights. China - Mainland, Hong Kong, Macao, Taiwan regions. A review of the shape and size of the company will be presented to the board by the fourth quarter, Chairman Patrick Healy said, without ruling out job cuts. Your feedback will help us improve our website experience. Mr. Healy joined the Swire Group in 1988.
Captain Kempis is also the Air Operators Certificate (AOC) holder for training at Cathay Pacific. He spent fourteen years with the Group’s Beverages Division in Mainland China, followed by four years as CEO, HAECO Xiamen. You have turned off cookies for this site. The recapitalization was completed Wednesday. Passenger revenue tumbled 72% to HK$10.4 billion during the period. Fuel costs after hedging fell by HK$7.6 billion from a year earlier, but the benefits were offset by the decline in flying and losses on fixed volume fuel hedges. He is also a member of the Management Committee of the Group. He spent fourteen years with the Group’s Beverages Division in Mainland China, followed by four years as CEO, HAECO Xiamen. Cathay unveiled a HK$39 billion rescue plan in June that gives the Hong Kong government a 6.08% stake in the company and two observers on its board. Cathay earlier disclosed that it had been burning cash at a rate of around HK$2.5 to HK$3 billion a month since February. He joined Cathay Pacific in 1993 as a First Officer on the Boeing 747 fleet, later becoming a Training First Officer on the Airbus fleet, and received his command in 2002. Yesterday,…. His biography can be found in the attachment. The newspaper cited a source it didn’t identify, and Hong Kong International Airport didn’t immediately respond to a request for comment. Copyright © 2019 DVV Media International Ltd All rights reserved. What Executives Are Saying . Covid-19 struck just as Cathay was trying to rebuild following protests in Hong Kong that led to changes in senior management and a sharp drop in traffic last year. The Board of Directors has appointed Mr. Patrick Healy to succeed Mr. Slosar as Chairman of Cathay Pacific. Registered account holders should use their email address. Alex McGowan is Director Service Delivery, leading and supporting the global teams who provide Cathay Pacific’s customer experience inflight and on the ground. Together, and with the support of the Cathay team, we will ensure that our airlines focus relentlessly on safety, on enhancing the travel experiences of our customers, on being efficient in everything that we do, and on competing effectively to create positive business performance.”, “Cathay Pacific has been Hong Kong’s home carrier for over seven decades. He is also Chairman of Swire Coca-Cola Limited, a Director of John Swire & Sons (H.K.) Under his leadership as the Chief Executive Officer and then as Chairman, Cathay has built on its already enviable reputation for quality service and the extensive global network which underpins the success of Hong Kong as Asia’s largest international passenger hub. You can learn more about the cookies we use here. Cathay is undertaking a review of its business model. He spent fourteen years with the Group’s Beverages Division in Mainland China, followed by four years as CEO, HAECO Xiamen. Before joining Cathay Pacific in November 2011, Mr Murray was the Deputy Finance Director of Swire Pacific Limited. Luya You, a transportation analyst with Bocom International in Hong Kong, said the airline cut about 15% of operating expenses on staff in the first half. He joined the Swire group in 1991. By viewing this site you agree to our Terms and Conditions, Cookie Policy and Privacy Policy. Ronald joined the Cathay Pacific Group as a Management Trainee in 1996 and has since held a number of managerial roles in Hong Kong and overseas.
The first-half loss included impairment charges of HK$2.5 billion relating primarily to 16 aircraft unlikely to return to meaningful economic service again. Limited, the holding company that controls the airline.
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Passenger revenue tumbled 72% to HK$10.4 billion during the period. He is also in charge of the airline’s procurement activities and Asia Miles portfolio. The airline and its Cathay Dragon unit flew only 4.4 million passengers in the first six months, down from 18.3 million a year earlier. (Bloomberg) — Cathay Pacific Airways Ltd. shares climbed the most in nearly 12 years after a Chinese state-run newspaper tweeted that Hong Kong’s airport may restart transfer flights to the mainland, a move that could inject the beleaguered carrier with some much-needed passenger traffic. By the fourth quarter of the year, the carrier’s senior management team will make recommendations to its board on the “optimum size and shape” of the group.
The airline and its Cathay Dragon unit flew only 4.4 million passengers in the first six months, down from 18.3 million a year earlier. “This has been an incredibly difficult time for everyone.”, For more articles like this, please visit us at bloomberg.com, Like us on Facebook to see similar stories, 'Thought we were going to burn alive': California wine country wildfire rages; another could merge into mega-inferno of 1M acres, Houston Chef Chris Shepherd's Southern Smoke Has Raised $3,361,772 for Restaurant Workers in Need Right Now.
Cathay released first-half results during the midday trading break, showing a first-half net loss of HK$9.9 billion ($1.3 billion) as the pandemic brought travel to a near standstill. They are always at their best in challenging times, when their dedication really shines through.” He continued, “Pat is a strong and experienced executive, having successfully led a number of different Swire businesses.