Hong Kong's richest man Li Ka-shing will retire as chairman of CK Hutchison Holdings at the forthcoming Annual General Meeting on May 10, the company said on Friday. The ports-to-telecoms conglomerate owns Irish mobile operator Three.

Li will, as expected, stay on as senior adviser to the group. His eldest son Victor Li, who was named successor several years ago, will take over the reins of the business. Victor, already on the board, is seen as a steady hand unlikely to change course. Li, who ranks 23rd on Forbes’ global rich list, will also retire from the chairmanship of CK Asset Holdings Ltd, the property group said in its earnings statement. There was a media report last year indicating Li would retire in 2018, but the billionaire businessman had brushed it off, saying he had not yet decided when to step down and that he would stay on as an adviser even after retirement.

Reuters