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New Singapore Airlines CEO takes over, considers selling Virgin Atlantic stake

4-Jan-2011 11:00 AM

Singapore Airlines' new CEO Goh Choon Phong took over the role on 01-Jan-2011 (Bloomberg, 31-Dec-2010). The CEO is reportedly considering selling SIA’s 49% stake in Virgin Atlantic, after outgoing CEO Chew Choon Seng stated the investment was “underperforming” two years ago and spokesperson Nicholas Ionides recently stated the carrier would consider “interesting opportunities” for the stake. Virgin Atlantic stated in Dec-2010 that it had received merger inquiries. Virgin spokeperson Greg Dawson stated SIA is “very supportive of our business strategy”. The move would allow SIA to focus on increased competition in Asia, particularly with the expansion of LCC operations in the region, as well as expansion from flag carriers in the region and Middle East.