China Airlines Ltd (CAL,
Chao, 51, was named to replace outgoing chairman Philip Wei (
"The board of directors of China Airlines today voted unanimously to appoint Ringo Chao Kuo-Shui as chairman and president of the company, effective immediately after the appointment and a handover ceremony," the statement read.
Shares of CAL rose NT$0.1, or 0.73 percent, to NT$13.75 yesterday on the Taiwan Stock Exchange.
The stock has recovered by 9.57 percent from its lowest level of NT$12.55 on Aug. 22, but still has declined by 10.13 percent so far this year.
"Being the national flag carrier of Taiwan, and flying a global network, China Airlines represents Taiwan's diligent working spirit to the world," Chao said in a speech during the ceremony.
"We will hold ourselves accountable to our core values of flight safety, service, innovation and discipline ... We will strive to make Taiwan proud of China Airlines," he said.
In his speech, Chao also said CAL must improve its flight safety record.
"I urge our maintenance team to improve continuously as flight operations does and reach the highest standards of flight safety," he said.
Wei, who took the chairmanship in November 2005, will retire from the post, the company said yesterday.
Speculation surrounding his departure had increased following the Aug. 20 incident. He is reported to have offered to resign following the fire.
It was also rumored that Wei would leave his position as a result of a NT$550 million (US$16.9 million) loss incurred from the carrier's investment in China's Yangtze River Express Airlines Co (揚子江快運).
CAL acquired a 25 percent stake in Yangtze River Express in 2005 for NT$1.27 billion.
The airline posted losses of NT$868.3 million in the first half of this year, compared with a profit of NT$128.1 million for the same period last year.
CAL spokesman Johnson Sun (
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