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Cathay Pacific Airways Ltd. named customer chief Ronald Lam as its new chief executive officer to replace Augustus Tang.
Lam, 50, will take over on January 1, Cathay said in a statement on Wednesday. He faces the challenge of leading the 76-year-old carrier out of the mire caused by Covid travel restrictions, which plunged it into crisis and sparked a $5 billion recapitalisation backed by the Hong Kong government.
“I have been impressed by his long-term vision for the company, his intellect, and his determination to see the group succeed. He is without doubt ready to lead our organisation,†Cathay Pacific Chairman Patrick Healy said in a statement.
The airline said Lam will lead the airline through its post-Covid recovery and into a new phase of expansion with the addition of a third runway at Hong Kong International Airport.
Lam joined Cathay as a trainee in 1996 and rose up the ranks to become joint-second-in command, serving as chief customer and commercial officer, overseeing the bulk of the airline’s commercial and revenue-generating activities. He is also chairman of Cathay’s budget carrier HK Express.
“Lam is the obvious choice given his experience and what will be required to successfully navigate Cathay Pacific in the post-pandemic era and improve the group’s long-term position,†Singapore-based aviation consultant Brendan Sobie said.
In the depths of the pandemic, Cathay was only operating at about 2% of its usual passenger capacity due to Hong Kong’s strict curbs on travel, including mandatory hotel quarantine of as long as 21 days. The government has recently eased those rules, leading to a jump in air travel, though Cathay is still operating at about only 16% of pre-Covid levels, compared with 73% for regional rival Singapore Airlines Ltd.
—Bloomberg