Business
Adrian Cheng Steps Down as CEO of New World, Eric Ma Likely Successor Amid Record Financial Losses
Adrian Cheng is set to resign as the CEO of New World and is expected to be succeeded by the current COO, Eric Ma, according to insiders. Born in 1979, Cheng will transition to the role of non-executive vice-chairman of New World, relinquishing his current position as CEO, inform sources.
Cheng, who was born in 1979, is set to take on the role of non-executive vice-chairman at New World, relinquishing his current position as CEO, according to insiders. It's expected that the company's COO, Eric Ma Siu-cheung, who previously served as Hong Kong's secretary for development, will step up to the CEO position. This change will likely be confirmed when New World reveals its annual financial figures this coming Thursday, sources indicated.
A source mentioned that Ma had recently directed his co-workers to examine the financial status of the subsidiary companies in preparation for restructuring actions.
New World is on the brink of announcing a financial deficit ranging from HK$19 billion (US$2.44 billion) to HK$20 billion for the fiscal year concluding on June 30. This is set to be their largest loss since the company's establishment over 50 years ago by Cheng Yu-tung, Cheng's grandfather, as per the earnings warning issued last month.
The annual gross income from ongoing operations was projected to range between HK$6.5 billion and HK$6.9 billion, marking a drop of 18% to 23% compared to the previous year.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.