Li Ka-shing to Retire as Chairman of His Global Empire by Next Year

Billionaire Li Ka-shing, for decades one of the world’s wealthiest tycoons, has told associates he plans to step down as chairman of his global conglomerate, CK Hutchison Holdings Ltd., by next year.

Li, who turns 89 in July, hasn’t given a specific date but is likely to step down by his 90th birthday, according to people briefed by the tycoon.

One of the people said Li has already told his inner coterie of advisers, including elder son and Deputy Chairman Victor Li, who is earmarked as his successor. Another person said the elder Li, known for trademark horn-rimmed glasses and an iron grip on his companies, could step down by year-end.

Often dubbed “Asia’s Warren Buffett” for his investment acumen, Li enjoys celebrity status both inside and outside the company, which spans ports, telecoms, retail and property. His departure could create uncertainty among shareholders over CK Hutchison’s future without him at the helm.

In an interview with The Wall Street Journal, Joseph Fan, Professor of School of Accountancy and Department of Finance and Co-director of Center for Economics and Finance at The Chinese University of Hong Kong Business School, said: “It’s quite usual for an older chairman—before he totally and completely leaves his position—to be in an honorary or advisory position to see how his successor does when given a free hand. The patriarch’s presence helps ensure managers cooperate with the successor.”

Victor Li, 52, was anointed as CK Hutchison’s future leader in 2012, though no timetable for succession was provided. He has spent more than three decades shadowing his father. A younger son, Richard, 50, left the family business in the 1990s to branch out on his own, using family money to buy and run media and telecommunications companies, with varying success.

The Hong Kong tycoon began trimming his property portfolio in China in 2011 and has since focused new investment in Australia, Canada and the U.K., where he believes the political and regulatory environments are more stable and predictable, according to people familiar with his thinking… Read More (PDF).

This story was widely reprinted by media publications around the world including MarketWatch and The Australian (Australia) (PDF).

This article was also translated into Chinese (simplified) (image) and (traditional Chinese) (image) and published on The Wall Street Journal Chinese website.

Source: Dow Jones Newswires / The Wall Street Journal / MarketWatch / The Australian
Date published: 20 June, 2017

Photo: Associated Press