I do not think Tony Davis has quit his post is an entirely accurate statement.
"A report from SIN says the move to replace Davis was completely expected after Tigers Australian business was rocked by its grounding during his tenure as CEO.
The impact of the grounding has had grave consequences for the Tiger Group with their quarterly performance ending on 30 June 2011 showing an operating loss of S$23.3M compared to a profit of S$10.6M for the corresponding period last year.
It is now necessary to shore up the balance sheet by increasing equity. The plan is to raise S$158.6M with a rights issue at a 39% discount to the most recent share price"
Tiger must be desperate for the $$$$'s with such a big discount. With July and August (almost) behind them it sounds like they are expecting a large loss for the quarter ending in 5 weeks time.