Why is Tony Davis not the guy quitting? He ran the entire place with his cronies, sacking all the Singaporean and Australian managers and replacing them with his friends from the UK.
He has made S$30 mil from the IPO.
He has destroyed value for most of the shareholders who subscribed to the IPO (though SIA would have made money cos they injected something like S$20 mil to start Tiger, and its 33% stake is probably worth $150 mil at least even today)
Chew Choon Seng, the former CEO of SIA, should be held fully accountable for what happened. True, he does not have majority control of the airline, but he was the cornerstone shareholder at 49% of the original startup. He allowed Tony Davis to run the entire show, and despite many protests and negative press both in Singapore and Australia, it seems he and the entire Tiger Board did not bother to intervene.
SIA did a good job of distancing itself from Tiger and not many people in Singapore and Australia knew that Tiger was associated with SQ. Today, nearly everyone in both countries knows this is the case.
So SQ is now embarrassed, they have to deal with this mess, the Tiger shareholders are screwed, the Australian staff are screwed, and Tony Davis? Well whatever happens, he's $30 mil richer.
Nice.