After Li Ka-shing, Hong Kong’s richest man, announced last month that he will step down as chairman of his business empire later this year, Macau casino mogul Stanley Ho Hung-sun has followed suit by passing the torch to one of his daughters.
In a statement issued late Thursday night, the board of SJM Holdings (00880.HK), Ho’s flagship enterprise, said he will retire from his positions as chairman, executive director and a member of the executive committee of its board, Apple Daily reports.
Ho’s retirement will take effect from the conclusion of the company’s 2018 annual general meeting of shareholders, the date of which has not been set yet, the statement said.
Ho, dubbed “King of Macau” for once dominating the gaming business in the former Portuguese enclave, will stay on as chairman emeritus of the company after his retirement.
Ho, 96, has rarely been seen in public since he fell and hurt his head at home in 2009.
As for his successor, the board said Daisy Ho Chiu-fung, the daughter of his second wife, will take over as chairwoman and executive director.
His fourth wife Angela Leong On-kei and Timothy Fok Tsun-ting, son of his late business partner Henry Fok Ying Tung, will be appointed co-chairmen and executive directors.
Ina Chan Un-chan, Ho’s third wife who has never been involved in his listed firms, has been recommended by the board to become executive director.
Chan was given a 16 percent stake in STDM, which owns 54.13 percent of SJM, in 2011 when Ho divided up his properties to family members.
But she has never participated in SJM’s operations, which are mainly controlled by his second wife and fourth wife.
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