by
Bloomberg
Published
August 31, 2024
The private investment firm of Hong Kong billionaire Henry Cheng’s family has appointed one of his sons as co-chief executive, the latest development in a closely watched succession saga.
Christopher Cheng will take charge of North Asia investment, according to a statement on Friday. The office has also named Patrick Tsang, a family relative, as president of the Americas, Australia and Europe. Gilbert Ho, co-chief executive officer of infrastructure and insurance company NWS Holdings Ltd., will take charge of corporate functions and operations.
Now, four of Cheng’s eldest sons lead key parts of the family’s sprawling business empire. Adrian is CEO of property developer New World Development Co., Sonia is joint vice president of Chow Tai Fook Jewellery Group Ltd. and Brian is co-CEO of NWS.
Henry Cheng remains in charge of the family office and chairman of the three companies.
The family was plunged into a succession saga after Henry Cheng made a public statement that he was still looking for an heir and might bring in outside talent. This put the spotlight on Adrian, who was widely seen as the strongest candidate to take over the family business group.
The elder Cheng said he has worked closely with the three new leaders of Chow Tai Fook Enterprises across different parts of the family business, and that the office strives to create a positive impact and drive results for stakeholders and the broader communities, according to the statement.