16 March 2018
| Alan Burkitt-Gray
The creator of the Three group of mobile operators and the wholesale carrier formerly called Hutchison Global Communications is to retire at 89.
Li Ka-shing, the chairman of Hong
Kong-based CK Hutchison Holdings, announced today that he will
retire on 10 May, at the end of the next annual general
The board said it "would like to express its sincere gratitude
to Mr Li for his invaluable contributions to the group".
It added: "For the past 46 years, Mr Li has led the CK group as
chairman on a steady path of diversification and globalisation
through organic growth, mergers and acquisitions, and timely
strategic reviews and reorganisations at appropriate junctures
to maximise value and returns for shareholders."
Li, whose 90th birthday is on 28 June 2018, is the 23rd richest
person in the world with an estimated net worth of $37.7
billion, according to Forbes magazine.
He will stay on as an advisor to the group he created, at an
annual fee of HK$5,000 – equivalent to US $637, or
about $12.25 a week.
The board has appointed his son Li Tzar Kuoi –
alternatively Victor Li – as chairman. The younger Li
has worked at the CK Group for 33 years and will continue his
present role as group co-managing director.
Li Ka-shing’s younger son, and brother to Li Tzar
Kuoi, is Richard Li Tzar Kai, who is chairman of the Pacific
Century Group, whose interests include PCCW Global.
The CK Hutchison group sold its interest in the former
Hutchison Global Communications in 2017, when a US-based
private equity company, I Squared Capital, bought it for $1.9
billion. The group still includes Hutchison Telecoms and Three
operations around the world. Hutchison Global Communications has been
renamed HGC Global Communications.
The wider CK Group’s businesses now include ports
and related services, retail, infrastructure, energy,
telecommunications, property development and investment, hotel
and serviced suite operation, property and project management,
aircraft leasing and life sciences.