Tiger Airways CEO to quit by November

Singapore-based budget airline Tiger Airways on Monday announced that its chief executive Tony Davis was quitting with effect from November. Davis "is leaving the company on 1 November 2011 to take up a new position outside of the company," Tiger said in a statement to the Singapore Exchange, where it is listed. The statement did not mention where Davis, who joined Tiger Airways in 2005, was heading. He will also vacate his position as executive director of the airline when he leaves. Tiger Airways acting chief executive Chin Yau Seng will succeed Davis, who is currently seconded to Tiger Airways Australia as chief executive. Tiger Airways this month announced plans to raise Sg$158.6 million (US$131 million) in a rights issue to fund its expansion, including the purchase of aircraft. It also said the funds would be used to bolster its balance sheet and provide financial flexibility as it recovers from losses incurred after its Australian operations were suspended for six weeks due to safety concerns. Tiger Airways Australia had lost about Sg$2 million per week before Australian regulators lifted the suspension and the airline resumed its flights on August 12. Singapore Airlines (SIA) and another major shareholder linked to state investment firm Temasek Holdings have said they will subscribe to the rights issue. Analysts said SIA may take a bigger role in driving strategy at Tiger Airways after the rights exercise.