Hong Kong billionaire Li Ka-shing said Friday he is retiring as chairman of his sprawling conglomerate just shy of his 90th birthday.
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Li made the announcement at a packed press conference after his company, CK Hutchison Holdings, released its annual results.
CK Hutchison said in an announcement that Li will retire from his position as chairman and executive director of his flagship company after the company’s annual general meeting in May.
He will remain as a senior adviser while his eldest son, Victor Li, a managing director, will become chairman, the company said.
Li, who turns 90 this summer, has been Hong Kong’s wealthiest individual for two decades, according to Forbes, which estimates his net worth at $36 billion. The magazine also ranks him No. 23 on its global ranking.
Residents of the southern Chinese financial center revere Li for his moneymaking prowess, which has earned him the nickname “Superman.”
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At his annual press conferences, which are broadcast live by local TV stations, he holds forth on a wide variety of topics as reporters hang on his every word.
At Friday’s event, he discussed the property market, his company’s foreign investments and addressed a controversial planned cross-border express rail checkpoint with mainland China.
