Tiger Airways Holdings’ CEO quits

Tiger Airways Holdings’ CEO, Koay Peng Yen has resigned and is now replaced with Lee Lik Hsin.Lee is an SIA veteran with more than two decades of experience with the company under his belt.Koay was responsible of managing the group's external investments, and held the role for 21 months as the group endeavoured to improve the fortunes of its overseas brands, Tigerair Australia, Tigerair Philippines and Tigerair Mandala.Consequently, Tigerair also sold 60% of its Australian cub to Virgin Australia, withdrew entirely from Tigerair Philippines and curbed the network of Tigerair Mandala.Koay will now serve as an advisor to the board and remain as a non-executive board director until the annual general meeting on 31 July 2014.Tigerair Singapore, which had been growing at the rate of 30% in the past three years, hit turbulence when the market sagged in mid-2013 through the imbalance of capacity and demand.In a press release, Tiger Airways added that “by the time of Koay’s departure, Tigerair Singapore had started the process of consolidating its services in preparation for a decisive turnaround in its prospects.”