New World Development CEO Steps Down Amid Losses; COO Takes Helm

MT Newswires Live09-27 16:17

New World Development (HKG:0017) Chief Executive Officer Adrian Cheng has stepped down from the role, citing a need for more time for public service and other personal commitments.

Chief Operating Officer Eric Ma Siu-cheung will succeed Cheng as CEO, according to a Thursday filing with the Hong Kong Exchange.

Additionally, Cheng has been re-designated from an executive director and executive vice chairman of the company to a non-executive director and vice-chairman.

The announcement came after the Hong Kong property developer reported a loss of HK$19.7 billion in the fiscal year ended June.

Trading in New World's shares resumed Friday after it was halted Thursday pending the release of the appointment. Shares of New World closed 21% higher on Friday.

Price (HKD): $9.92, Change: $+1.7, Percent Change: +21.12%

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