Hang Lung Group and Hang Lung Properties have appointed Weber Lo (pictured) as new chief executive officer with effect on 16 July 2018. Lo will take over Philip Chen, the current chief executive officer, who will retire on the same day after serving the company for more than eight years.
Lo joins Hang Lung from Citi Hong Kong and Macau, where he serves as Citi country officer and chief executive officer, overseeing all businesses across the franchise of the global bank in the two markets serving the institutional clients group and global consumer banking.
Prior to his role in Citi, Lo also held various leadership positions in Coca-Cola China Ltd and Procter and Gamble (HK) Ltd.
In a statement, Lo expressed his gratitude for receiving full support from Hang Lung’s management team, as well as his aspiration of taking the company to a new level of excellence. “I look forward to building upon the strong foundations, and continuing to deliver sustainable values to all our stakeholders. I would like to thank the Chairman and the Hang Lung Boards for their trust and confidence,” said Lo.
Chen, on the other hand, believes this is the best time to step down from the leadership position, as this July marks his 41 years of uninterrupted career in the business world. The 62-year-old current CEO said, “It has been a great honor and pleasure working for Hang Lung. I am enormously grateful to our Chairman Mr. Ronnie Chan and the two Hang Lung Boards. Looking back over the last eight years, it was a challenging, but also a most rewarding and satisfying experience.”
Ronnie Chan, chairman of Hang Lung, looks forward to working closely with Lo and acknowledges the hard work that Chen has been contributing to the company. “This period has been transformative for Hang Lung,” said Chan. “Because of Philip’s good work, Weber inherits a great team and strong foundations. We wish Philip a happy and healthy retirement.”
Lo will first serve as the chief executive officer designate of both companies from 16 May 2018. He will then take over the CEO position on 16 July, on which Chen will be appointed as adviser to chairman and re-designated as a non-executive director of Hang Lung Properties.