Peter Woo Kwong-ching, chairman of The Wharf (Holdings) Ltd. (00004.HK), said he has “zero interest” in running for chief executive, the Hong Kong Economic Journal reported Tuesday.
Woo said he will continue to take part in the family’s businesses.
Wharf announced Monday that Woo will leave the board of directors in May and become an adviser to the conglomerate.
Deputy chairman Stephen Ng Tin-hoi will become chairman for a three-year term.
Woo’s son, Douglas Woo Chun-kuen, has yet to formally take over the leadership at the conglomerate.
In January last year, Woo senior handed over his chairmanship of Wharf’s parent, Wheelock & Co. Ltd. (00020.HK), to Douglas, who had been with the company for less than 10 years.
Wheelock also announced Monday that Woo will not seek re-election to the board at the annual shareholder meeting in May.
Peter Woo, who will be the chief adviser to both companies, ran in 1997 for the first election for chief executive.
Analysts said Woo’s succession seems to have been planned since 2013 and should not affect the direction of the group over the short term.
Translation by Vey Wong
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