Tiger Airways Group CEO Koay Peng Yen has resigned, with Lee Lik Hsin taking his place.
In a statement, The Tiger Group noted the “Board records the contribution of Mr Koay to the growth and development of the Group. He nurtured the management team, introduced a sense of purpose to the organization, and managed its external investments in accordance with the rapidly changing circumstances of the industry.”
The statement notes: “During his 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.
Tigerair Group has been the main victim of the fierce competition in the Asia-Pacific LCC sector, and was losong out to larger groups including AirAsia, Jetstar and Lion in the battle for scale ahead of ASEAN open skies.