Hong Kong (CNN Business) Cathay Pacific CEO Rupert Hogg is resigning after a tumultuous week for Hong Kong's leading airline.

The company has been caught in a political firestorm because of the city's pro-democracy protests that have angered Beijing. Its business and stock price is also hurting -— hundreds of its flights were canceled when protesters overran the airport and bookings are down.

"This is a grave and critical time for our airlines. There is no doubt that our reputation and brand are under immense pressure and this pressure has been building for some weeks, particularly in the all-important market of mainland China," Hogg wrote in a memo to staff which Cathay shared with CNN Business. "Could we have managed things differently? In hindsight, 'yes'."

Paul Loo, the airline's chief commercial officer, is also stepping down, the company said in a stock exchange filing on Friday. The resignations, first reported by Chinese state media, will take effect on Monday.

"Recent events have called into question Cathay Pacific's commitment to flight safety and security and put our reputation and brand under pressure," said Cathay Chairman John Slosar in a statement. "This is regrettable as we have always made safety and security our highest priority."

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