Ronald Lam, Cathay Pacific's chief customer and commercial officer, will take over as chief executive of the airline on January 1, replacing Augustus Tang who is retiring.

"The Board of the Company would like to take this opportunity to thank Mr. Tang for his distinguished service to the Company and offer its best wishes to him," the airline said in a statement on Wednesday.

It added that director of customer travel Lavinia Lau will take up Lam's current role.