New MTR chairman and CEO appointed

March 07, 2019 19:02
Rex Auyeung (left) has been appointed chairman of the MTR Corp., while Jacob Kam will take over as chief executive. Photo: HKEJ

Rex Auyeung Pak-kuen, head of Lingnan University’s governing council, has been appointed chairman of the MTR Corp. for a two-and-a-half-year term with effect from July 1.

The rail operator also announced that Jacob Kam Chak-pui, the company's operations and mainland business managing director, will take over as chief executive for a three-year term from April 1.

Auyeung will replace Frederick Ma Si-hang, whose contract should have expired at the end of 2018 but was re-appointed to his post in November for another six months, or until June 30, to give the government time to find his successor. Ma has been in the post since Jan. 1, 2016.

Auyeung has over 40 years’ experience in the insurance industry in Canada and Hong Kong. Before his retirement in June 2017, he was chairman for Asia of the Principal Financial Group Inc., a Fortune 500 company.

Kam, who is replacing Lincoln Leong Kwok-kuen as CEO, will also become a member of the MTR board from April 1.

Kam, 57, holds a Bachelor of Science degree from the University of Southampton in the United Kingdom and a doctoral degree in Mechanical Engineering from the University of London (University College London).

The leadership changes at MTR came following a series of scandals that wracked the rail operator, including construction flaws at the Hung Hom Station.

The appointments of Auyeung and Kam were confirmed during the corporation's results announcement, where it reported a 4.9 percent fall in annual net profit last year to just over HK$16 billion, RTHK reported.

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