Asia tycoon, billionaire and empire-builder retires

Wealth


Billionaire Li Ka-shing announced his retirement Friday from the business empire he built over nearly seven decades.

Li, 89, will step down as chairman of Hong Kong conglomerate CK Hutchison and property giant CK Asset after the annual general meeting on May 10, the tycoon said. He said he will continue to serve as senior advisor to the company.

“I would like to express my heart-felt appreciation to our shareholders for their unfailing confidence and support in the past years,” Li said at a news conference in Hong Kong.

Li will be succeeded by his eldest son, Victor, who was named as “successor in principle” last year. The younger Li, 53, is currently the deputy chairman of CK Hutchison and CK Asset.

Li said he was confident in his son’s ability to take charge, highlighting his many years of experience. He also told reporters he felt “grateful and blessed” that he was able to create CK Holdings, able to create wealth for shareholders and give back to society.



Source link

Products You May Like

Articles You May Like

Modigliani nude estimated to sell for $150 million at spring auctions
One classic theory could be hinting at a short-term drop for stocks
‘Gradual’ pace of rate hikes likely to hold for years, Fed’s Williams says
G-20 countries ‘too slow’ tackling tax havens following Panama Papers
Actor and businesswoman Kate Hudson on Fabletics and taking business risks

Leave a Reply

Your email address will not be published. Required fields are marked *