Hong Kong flag carrier Cathay Pacific chief executive Ivan Chu will step down from the position on May 1, the airline said on Wednesday.
Under his leadership, Cathay reported a loss of HK$575m ($74m) for 2016, its first annual loss since 2008, as rival Chinese airlines added more direct flights to international destinations and the demand for its premium class tickets fell.
This net loss compares to a HK$6bn profit in 2015 and came amid what the company described as a âdifficultâ operating environment with âintense and increasingâ competition from other airlines.
possunt quia posse videntur