Secretary for Development Eric Ma Siu-cheung Promoted as Adrian Cheng Chi-kong Steps Down at New World Development
Leadership Change at New World Development
In a significant shift for New World Development, Adrian Cheng Chi-kong, a key figure in Hong Kong's business landscape, will step down from his role as CEO and transition into a non-executive vice-chairman position. His departure comes amidst troubling financial forecasts for the company.
Financial Woes and Anticipated Loss
Reports indicate that the conglomerate is projected to report a staggering loss ranging from HK$19 billion to HK$20 billion for the financial year that concluded on June 30. This forecast represents the greatest deficit since the company was established over fifty years ago by Cheng’s grandfather, Cheng Yu-tung.
Upcoming Leadership Announcement
- Eric Ma Siu-cheung, previously the Chief Operating Officer and known for his role as the Secretary for Development, is expected to be promoted to the position of CEO.
- This leadership change is scheduled to be officially announced alongside the financial results on Thursday.
As this transition unfolds, stakeholders will be keenly observing how New World navigates these challenges in the coming months.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.