New World Development names Huang Shaomei CEO as Eric Ma resigns after 2 months
Huang’s three-year contract will see her earn HK$984,880 a month; Ma has quit to pursue other personal commitments, NWD says
The company appointed Echo Huang Shaomei as the new chief with effect from November 29, according to a Hong Kong stock exchange filing on Friday. Ma tendered his resignation on the same day, including all other roles in the group, “to pursue his other personal commitments,” it added.
Huang, 55, will lead the developer on a three-year term with a monthly salary of HK$984,880 (US$126,540), discretionary bonus and other benefits. As an executive director, she will also be entitled to an annual fee of HK$362,000. She will retain her role as the CEO of New World China Land, the unit that oversees the group’s assets in mainland China.
“Having reviewed the development direction of the group, I understand that timely phased changes need to be made, and the role of the CEO also [needs] to be adjusted,” chairman Henry Cheng Kar-shun said in a separate statement. “I’m very pleased to have found a more suitable candidate.”
NWD shares slumped 6 per cent to HK$6.43 before trading was halted for an announcement, according to stock exchange data. Cheng is due to hold a town hall meeting with the employees on the shake-up and map out its future business directions, according to a company source.
The shake-up is likely to stoke concerns among investors about NWD, which has been selling assets to lighten its debt. The group had HK$123.7 billion of consolidated net debt on June 30, according to its latest financial report. At 55 per cent, its net gearing or debt-to-equity ratio, is among the highest in the industry.
