Cathay Pacific CEO to step down, to be replaced by COO

SHANGHAI, April 12 (Reuters) - Cathay Pacific Airways

on Wednesday said its Chief Executive Ivan Chu will

step down on May 1, and will be replaced by the airline's

current Chief Operating Officer Rupert Hogg.

It said in a statement to the stock exchange that Hogg would

also become the chairman of Cathay Dragon and that Cathay

Pacific will no longer have a chief operating officer.

The leadership reshuffle comes after Hong Kong's flag

carrier posted its first annual loss since 2008 last month and

unveiled plans to cut the cost of middle and senior management

roles at its Hong Kong head office by 30 percent.

(Reporting by Brenda Goh; Editing by Himani Sarkar)