Adrian Cheng, member of one of Asia's richest families, resigns as New World CEO after the Hong Kong developer posts $2.2 billion loss [Fortune]
Jefferies Financial Group Inc. (JEF)
Last jefferies financial group inc. earnings: 10/25 04:42 pm
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Source: Fortune
Cheng will become a non-executive director effective today, the company said in a stock exchange filing on Thursday, confirming an earlier Bloomberg News report . Chief Operating Officer Ma Siu-Cheung will take the CEO role. Cheng's unexpected departure comes after the company amassed borrowings that made it the most debt-laden major developer in Hong Kong. His resignation adds to questions over succession at the family conglomerate, whose business also spans from jewelry to logistics. Cheng, 44, will “devote more time on public services and other personal commitments,” the company said. The move is rare in Hong Kong's property industry, where the biggest players are all controlled by families that carefully plan their succession. Long assumed to be a favorite of the late patriarch Cheng Yu-Tung, Adrian had until recently been seen as the heir apparent of the business group led by billionaire Henry Cheng. New World posted a net loss of HK$17.1 billion ($2.2 billion) for the f
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JEF
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- 9/25/24 - Miss
JEF
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- 9/26/24 - Form 424B2
- 9/26/24 - Form 424B2
- 9/26/24 - Form 424B2
- JEF's page on the SEC website