UPDATE 1-HK's New World Development considers replacing CEO, Bloomberg News reports

Reuters

Sep 25, 2024

(Adds further details throughout)

Sept 25 (Reuters) - Hong Kong property developer New World Development is considering replacing Adrian Cheng as its chief executive officer after writedowns that led to the company's first annual loss in two decades, Bloomberg News reported on Wednesday.

A decision on the CEO position will be announced soon, Bloomberg reported, citing people familiar with the matter.

Adrian, who is the son of billionaire Henry Cheng, has held a number of key positions in New World Development, including those of executive vice-chairman and general manager, according to the company website.

The firm did not immediately report to a Reuters' request for comment.

In August, it said it was expecting a one-off loss of HK$8.26 billion ($1.06 billion) from the disposal of NWS Holdings in fiscal 2024.

New World Development is set to report its full-year results on Thursday.

($1 = 7.7877 Hong Kong dollars)

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sonia Cheema)

((Shivangi.Lahiri@thomsonreuters.com;))

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New World Development is set to report its full-year results on Thursday.($1 = 7.7877 Hong Kong dollars) (Reporting by Shivangi Lahiri in Bengaluru; Editing by Sonia Cheema)((Shivangi.Lahiri@thomsonreuters.com;))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}