Cathay Pacific's chairman has resigned as China ratchets up the pressure on Hong Kong's business
Hong Kong’son Wednesday that John Slosar has resigned as chairman and will be replaced by Patrick Healy, a longtime executive of Swire, the airline’s biggest investor.
The surprise announcement comes less than three weeks after Rupert Hogg stepped down as Cathay’s CEO to take responsibility for Beijing’s scrutiny of the airline after some of its employees had taken part in antigovernment protests. “China has a long history of using its economic weight to accomplish political and geopolitical ends,” says Andrew Polk, partner of consultancy Trivium China. “The message is that you are either with us or against us, which is a difficult position for multinationals to be in.”
On Wednesday evening, Hong Kong Chief Executive Carrie Lam said she would formally withdraw the extradition bill that had sparked months of increasingly violent protests in the city. Lam also said that she would set up an independent study to look into the causes behind the protests, but she stopped short of giving in to any of the protesters other demands.
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