George Hongchoy Kwok-lung has announced his retirement as CEO of Hong Kong-based Link Asset Management, ending a 16-year tenure amid mounting controversy over his pay package and recent lay-offs.
Hongchoy, 63, would ensure a smooth transition at Link as it embarked on a search for his successor, Asia’s largest real estate investment trust said early on Tuesday, hours ahead of its annual shareholder meeting.
Earlier this month, Link laid off staff members as part of a streamlining of “a small number of roles and positions”, without specifying the actual number of people made redundant.
According to the company’s latest annual report, Hongchoy took home HK$70.42 million (US$9 million) pay in the financial year that ended on March 31, though it was 9.8 per cent lower than a year ago.
Despite the cut, he remained one of the highest-paid CEOs in Hong Kong-listed companies.
He still holds 3.86 million shares granted to him by the company between 2021 and the end of March this year. The shares are valued at HK$167 million based on the share price of HK$43.25 as of Tuesday morning.
Hongchoy is expected to meet the press after the annual meeting at around lunchtime on Tuesday.
