Tiger Airways chief off-loaded after heavy losses
The chief executive of embattled Tiger Airways in Singapore is stepping down.
The announcement came less than a week after the budget carrier reported a sharp increase in losses.
Lee Lik Hsin, a 20-year veteran of SIA, which owns 40% of Tiger, will become chief executive from Monday, replacing Koay Peng Yen, who joined Tiger less than two years ago.
In a statement, the airline said that during Koay’s tenure, "the Tigerair Group endeavoured to improve the fortunes of its overseas cubs, Tigerair Australia, Tigerair Philippines and Tigerair Mandala".
"However, turbulence in those markets hampered fledgling carriers from establishing a decisive hold. Consequently, Tigerair sold 60% of its Australian cub to Virgin Australia, withdrew entirely from Tigerair Philippines and curbed the network of Tigerair Mandala."
The statement went on: "Tigerair Singapore, which had been growing at the rate of 30 per cent in the past three years, hit turbulence when the market sagged in mid-2013 through the imbalance of capacity and demand."
The airline reported a net loss of S$95.5 million (US$76.4m) in the quarter to March 31, more than six times the loss of S$15.4 million in the same period last year.
Ian Jarrett
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