 |
Richard Li to Step Down from Hutchison Board to Focus on PCCW
Hong Kong-based conglomerate Hutchison Whampoa Ltd. Said Wednesday Richard Li, chairman of Internet firm Pacific Century CyberWorks Ltd. (PCCW), will resign from his position as deputy chairman and executive director of the company.
Hutchison Whampoa is chaired by Li's father Li Ka-shing.
A spokeswoman for PCCW said Richard Li made his intention to resign from Hutchison Whampoa known before the conclusion of PCCW's merger with Cable and Wireless HKT.
"He wants to be free and to focus on PCCW," which has a staff of some 15,000, she said.
Li's technology flagship is expected to complete its merger with Cable and Wireless HKT on Thursday -- the largest ever in Asia outside Japan, is expected to be completed by August 17.
PCCW will remain as the sole listed entity after the merger.
In a separate statement, Hutchison-Whampoa controlled Hongkong Electric Holdings Ltd., also announced Li will resign as executive director of the company with immediate effect.
Li's path to success began in 1991, when aged just 24 he set up the satellite television Star TV network with his father's backing. The network was sold three years later to media baron Rupert Murdoch's News Corp, which retains control of the broadcaster Wednesday.
Li's father, dubbed "superman" by the local press, chairs the diverse Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd., with interests including property, utilities, container port operation, supermarkets, a retail electronics chain and gasoline stations.
Bachelor Richard, Li Ka-shing's second son after Victor, has been tagged by the press here as "little superman."
After a stint at Star TV, Richard went into the emerging opportunities of the cyber world, setting up the Pacific Century Group to engage in developing digital media, financial services and infrastructure.
Its Pacific Century Diversified Ltd. unit and Intel Pacific Inc. last year agreed to exchange their stakes in Pacific Convergence Corp. Ltd. for stakes in Tricom Holdings Ltd., renamed Pacific Century CyberWorks Ltd
The firm was established to provide high-speed Internet services, delivered via satellite to ground distributors.
Its first big deal was the CyberPort project in partnership with the government to build a high-tech hub in Hong Kong, but the 1.6 billion US dollar undertaking triggered a storm of protest as it was awarded without competitve bidding.
Nevertheless, the project sparked a torrent of dot.com startups in Hong Kong at a time when the city was struggling through its worst recession stemming from the Asian financial crisis.
Since then, Richard Li's deal-making has caught investors' attention.
In This Section
|