7 days ago
- Business
- South China Morning Post
George Hongchoy steps down as CEO of Hong Kong's Link Asset Management
George Hongchoy Kwok-lung has announced his sudden retirement as CEO of Hong Kong-based Link Asset Management, ending a 16-year tenure amid controversy over his pay package and recent layoffs.
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Hongchoy, 63, would ensure a smooth transition at Link, which manages Asia's largest real estate investment trust, as it sought his successor, the company said early on Tuesday, hours ahead of its annual shareholder meeting.
Earlier this month, Link laid off staff members in what it described as 'streamlining a small number of roles and positions', without specifying the number of jobs lost.
But, according to the company's latest annual report, Hongchoy took home HK$70.42 million (US$9 million) remuneration in the financial year that ended on March 31, though it was 9.8 per cent lower than a year ago.
He remained one of the highest-paid CEOs in Hong Kong-listed companies.
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He still holds 3.86 million shares granted to him by the company between 2021 and the end of March this year. The shares are valued at HK$167 million based on the share price of HK$43.25 as of Tuesday morning.
Hongchoy is expected to meet the press after the annual meeting at around lunch time on Tuesday.
