The reigns of one of Asia’s biggest empires has been ceded to Stanley Ho’s heirs.
Hong Kong.- Shareholders of SJM Holdings approved on Tuesday the retirement of Stanley Ho at the annual meeting in Hong Kong. Ho would become Chairman Emeritus of the company and the board would be co-chaired by three people.
After the retirement of the casino tycoon, the board of SJM Holdings is set to be co-chaired by Ho’s fourth wife Angela Leong On Kei, Ho’s daughter Daisy Ho Chiu-fung, and Timothy Fok Tsun-ting, the son of Ho’s former business partner Henry. Leong will also be executive director of the company, while Ambrose So Shu-fai will be vice-chairman and chief executive.
After the meeting, Daisy Ho said: “My dad has always been the soul of SJM. The most important thing I learned from my father is I have to keep studying for my entire life and to listen to other people’s opinions with a humble.”
Back in April, when the structure changes were first announced, JPMorgan Chase & Co’s gaming analyst DS Kim said: “We can’t help but think that the proposed board structure is a bit messy, with too many interested parties. This complicated structure leaves room for a potential power tussle within the board, given the lack of clear control.”