Singapore Airlines (SIA) Cargo is undergoing a management change with Lee Lik Hsin replacing Tan Kai Ping.

The Star Alliance carrier says Lee will become CEO of SIA Cargo on Aug. 1 replacing Tan who gets Lee’s current job as SIA senior VP president for corporate planning.

SIA Cargo is the airline’s most troubled business unit, posting an operating loss of S$167 million ($132 million) in the fiscal year ending March 31, due to the global downturn in the air cargo market.

The carrier has already put two of its Boeing 747-400 freighters into long-term storage, in a desert in the U.S., and it is understood that several of the cargo carrier’s other 747 freighters have been parked at Singapore’s Changi Airport for a long period of time.

The airline group says the decision to change the CEO at SIA Cargo is merely part of their “ongoing program to rotate senior executives into different roles within the SIA Group.”

Tan has been CEO of SIA Cargo since early 2010. Lee has been senior VP of corporate planning since early 2011.