Cathay Pacific shares rise 2.3 percent after CEO Hogg resigns

FILE PHOTO: A plane flies behind a new Cathay Pacific Airways Airbus A350 after being received by the airline at Hong Kong Airport, China May 30, 2016. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) – Shares of Cathay Pacific Airways (0293.HK) rose more than 2 percent early on Monday after CEO Rupert Hogg resigned in a shock move, as the carrier grapples with the involvement of some of its employees in the city’s anti-government protests.

Cathay’s shares rose as much as 2.3 percent to HK$10.84, their highest in two weeks. The carrier has emerged as the highest-profile corporate target as Beijing looks to quell protests in the territory that have gone on for 11 straight weeks.

Cathay Pacific was blindsided this month when China’s aviation regulator demanded it suspend staff supporting the anti-government protest movement.

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