Business
New World’s Leadership Shift: Eric Ma Steps Up as CEO Following Adrian Cheng’s Departure Amidst HK$19.7 Billion Loss
New World announces the promotion of Eric Ma to CEO, succeeding Adrian Cheng following a reported loss of HK$19.7 billion
Adrian Cheng Chi-kong has resigned from his role as CEO of New World, transferring his position to Eric Ma Siu-cheung, who he has held for the past four years.
Adrian Cheng Chi-kong resigned from his position as CEO of New World, passing the reins to Eric Ma Siu-cheung after a four-year tenure. His departure followed a financial year that concluded in June, during which the company experienced a loss of HK$19.7 billion (US$2.53 billion). The company's revenue also took a hit, declining by 62 per cent to HK$35.78 billion.
Cheng is set to assume a non-executive position as the Vice Chairman of New World, following a four-year stint as the prospective successor to his father, the Chairman and Executive Director, Henry Cheng Kar-shun. New World was established in 1970 by the now-deceased Cheng Yu-tung, a prominent figure in Hong Kong's jewelry industry and the family's elder statesman.
"Individuals who are third-generation heirs to substantial family businesses usually face immense stress, particularly when dealing with a challenging economic climate, lofty anticipations from relatives, and a high profile within the corporate sector," stated Marleen Dieleman, the head of family-business studies at Singapore's IMD Business School. "Regardless of one's abilities, this is a tough environment to thrive in."
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