Hong Kong’s richest man, Li Ka-shing, announced his retirement as chairman of CK Hutchison Holdings Ltd on Friday (March 16), bringing to a close a rags-to-riches story that made him a hero in the freewheeling capitalist hub.
Li, 89, will retire after the annual general meeting on May 10, the ports-to-telecoms conglomerate said in a filing to the Hong Kong bourse. A factory apprentice when he was 13, Li, was called “Superman” for his work ethic and business success.
As expected, Li will stay on as senior adviser. 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.
Over the past few years, Li’s close ties with Beijing’s Communist Party leadership have come under scrutiny. He has never been publicly over-critical of the government.