Exodus of top brass from Hong Kong Airlines even bigger than first thought
- At least six directors have resigned from the HNA Group-controlled carrier since July
The recent exodus of top brass from Hong Kong’s third-biggest airline is even bigger than first thought, after a string of boardroom departures which cost it both of its co-chairmen and several directors, it has emerged.
At least six directors have resigned from Hong Kong Airlines since July, according to company records, along with its finance chief.
The carrier is controlled by China’s HNA Group, whose financial problems have directly and indirectly affected its airlines. The conglomerate has been forced to seek buyers for all or part of its stakes in the carrier, and its sister airline Hong Kong Express, after a US$50 billion spending spree that racked up a lot of debt.
According to a company search on Wednesday, Hong Kong Airlines’ co-chairman Mung Kin-keung resigned on November 23. Other recently departed board members include non-executive directors Re Qiongba and Cui Yeng Xu, who had held their posts since 2014 and resigned this year, in July and September respectively.
Zhong Guosong, an HNA director and chairman of Hong Kong Express, also left the airline’s board, on August 21.