Victor Fung, chairman of the Airport Authority Hong Kong, announced on Tuesday that David Pang, chief executive officer of the Airport Authority, has opted not to seek for contract renewal after completion of his second three-year term.

He said, a selection committee led by him will initiate a global search for Pang's replacement, according to a press release from the Airport Authority.

Complimenting Pang on his vision, leadership and invaluable contribution to the Airport Authority, Fung said, "David has built a solid process-driven organization, which has led Hong Kong International Airport (HKIA) to consistently improve its financial and operational performance."

He said HKIA was named the world's best airport for five consecutive years under David's leadership.

"Under the guidance of the Board and with the full support of the management team, David has re-defined HKIA's business, market and product, creating a very strong foundation for our airport to achieve long-term sustainable growth," added Fung.

In order to allow sufficient time for the selection committee to identify his replacement, Pang has indicated his willingness to serve until the completion of the global search for his successor.

(Xinhua News Agency June 14, 2006)