Adrian Cheng Resigns as CEO of New World Development [Yahoo! Finance]
CHOW TAI FOOK JEWELRY ADR (CJEWY)
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Source: Yahoo! Finance
largest real estate developers, has formally resigned after the company posted its first annual loss in two decades. Cheng, who has held the position for four years, will be replaced by the company's chief operating officer Eric Ma Siu-cheung, effective immediately. More from WWD “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 on Thursday. The 44-year-old Cheng will stay on as New World's non-executive vice chairman and keep providing guidance on the shopping mall franchise K11 ‘s business strategies. Navigating uncertain market environments in Hong Kong and mainland China , New World Development posted a record loss of a loss of 19.7 billion Hong Kong dollars, or $2.53 billion, in the financial year that ended June 30. Revenue dropped 62 percent to 35.78 billion Hong Kong dollars, or $4.58 bill
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