Published
September 26, 2024
Hong Kong retail developer New World Development announced on Thursday the resignation of its CEO, Adrian Cheng, after four years in the position.
Cheng will be replaced by the company’s chief operating officer, Eric Ma Siu-cheung, effective immediately. The entrepreneur will stay on. as New World’s non-executive vice chairman, providing guidance on the shopping mall K11‘s business.
“Dr. Cheng Chi-Kong, Adrian has tendered his resignation as the chief executive officer of the company to devote more time on public services and other personal commitments,” the company said in a Hong Kong Stock Exchange filing.
Cheng is a the third-generation successor to New World Development and is heir apparent of the family’s conglomerate. However, Cheng’s father, Henry Cheng, told local media last year that he could hire an outsider to lead his business, which includes real estate, jewelry and logistics.
The scion is known to have a penchant for fashion, and most recently acquired a majority stake in 1017 Alyx 9SM, the luxury streetwear label co-founded by Matthew M. Williams.
Cheng’s resignation comes on the back of a lacklustre earnings update from Hong Kong’s largest real estate developer, positing a record loss of HKD 19.7 billion, or $2.53 billion, in the financial year that ended June 30.
Revenue also dropped 62 percent to HKD 35.78 billion, despite K11, the arts and commercial real estate project, recording an 11.9 percent increase in revenue for financial year 2024.
Copyright © 2024 FashionNetwork.com All rights reserved.
By Bloomberg Published September 27, 2024 Swatch Group AG Chief Executive Officer Nick Hayek said that it’s “pure speculation” that the comp
By Reuters Published September 27, 2024 Italian fashion group Aeffe has agreed to transfer the ownership of its 'Moschino' brand in relation to a
By Bloomberg Published September 27, 2024 Bernard Arnault entered Thursday having lost more wealth this year than any other billionaire, with his
By Bloomberg Published September 27, 2024 VF Corp. is hiring a Gap Inc. veteran to lead its Dickies workwear brand, another in a string of leaders