Australian carrier Rex Airlines seems to be facing turbulent times ahead, with its former Chairman reportedly pushing to eject the company’s entire board a month after being voted out of his role.
Singaporean businessman and former defense engineer Lim Kim Hai was one of the founding shareholders and directors of Rex in 2002.
In early June 2024, Lim stepped down from his role as Executive Chairman but remained as a Non-Executive Director and major company shareholder. Lim then handed operations over to Chief Operating Officer, Neville Howell.
On July 12, 2024, the airline informed investors that Lim had called for a shareholder meeting to remove four of his five fellow directors and appoint two others.
According to the Financial Review, the only director Lim has not asked to be removed is Lincoln Pan, the nominee of PAG Asia Capital, a major private equity firm that has provided AU 150 million ($101 million) in funding to the airline.
Lim has requested that Australian businessmen Lim Kang Song and Mukul Soul be appointed as directors in place of two independent directors of the airline. He is also asking that anyone appointed as a director by the Board prior to the AGM be removed.
The announcement comes just shortly after Rex commenced a new Perth Airport (PER) to Adelaide Airport (ADL) route in June 2024, and was named Australia’s most reliable domestic carrier for May 2024.