Airport Authority appoints CEO

(HONG KONG, 25 September 2000) - The Airport Authority (AA) has appointed Dr David J Pang as Chief Executive Officer (CEO). The appointment is expected to be effective in January 2001.

Dr Pang will be responsible for directing and overseeing the functioning of Hong Kong International Airport and related infrastructure as well as ensuring that the airport facilities are operated with maximum efficiency and in compliance with the strictest safety, security and environmental standards.

He will replace Mr Billy Lam Chung-lun who was seconded from the Government of the Hong Kong Special Administrative Region in January 1998. Mr Lam has acted as the AA CEO since December 1998.

Commenting on the appointment, AA Chairman Dr Victor Fung Kwok-king said: "The Board and I fully realise the vital importance of this appointment. We were unanimous in approving this appointment, and we will give our full support to Dr Pang in performing his tasks."

"We are very delighted to have Dr Pang join us at this juncture when our airport is becoming the gateway of choice and the premier aviation hub of the region.

"Dr Pang will bring with him extensive knowledge and experience in managing and developing businesses in Greater China. His global outlook will be especially valuable to us as we assume a leadership position in airport management and aviation related business that contributes to the long-term prosperity of Hong Kong."

Aged 57, Dr Pang was born in China and has lived in Hong Kong for 15 years. He holds permanent right of abode in Hong Kong. He obtained his Ph.D. in Engineering from the University of Kentucky, U.S.A and had taught for two years at Columbia University, New York City.

Dr Pang started his career with Conoco Petroleum Company (a subsidiary of Du Pont) in 1980 as an engineer. In his 20 years with Du Pont, he has assumed various positions of importance and has spent 15 years in building businesses in Hong Kong and the Mainland of China. Before accepting the AA's appointment, he was managing Du Pont Greater China and Du Pont Global Non-wovens' businesses worldwide with sales of over US$1 billion. Dr Pang is highly familiar with business development in the Chinese Mainland market. The comprehensive competencies he has developed through the years in marketing, technology and manufacturing have positioned him well to capture the enormous growth potential of the China market.

Dr Pang is attracted to the opportunity of serving the AA as he feels it would build on his experience and his pioneering work in China.

The Board also paid tribute to Mr Lam who would return to the civil service upon completion of his secondment later this year.

"The Board, and I personally, deeply appreciate his contributions and dedication to the AA", said Dr Fung. "Mr Lam has played a key role in taking the AA through its most difficult period, in particular in overcoming the initial problems and the Y2K issue. Under his leadership, the management has within a short time put the airport back on track to attaining a very strong position as one of the leading airports in the world."

Ref. PR-530