Café de Coral names new CEO as Peter Lo steps down

Café de Coral has appointed Piony Leung (pictured left) as its new chief executive officer, effective from 1 April 2024. She will succeed Peter Lo (pictured right), who will remain in the role of executive director of the group. 

Within her new role, Leung will oversee the business in Hong Kong and Mainland China, providing vision and leadership to set the strategic direction of the group for sustainable growth and profitability.

Furthermore, she will assume responsibility for the overall management of the organisation, overseeing all operational aspects of the group and driving its overall success.

Leung joined Café de Coral Group in 2019 and currently serves as the group's managing director (Hong Kong). She brings over 25 years of experience in retail and fast-moving consumer goods industries across the Asia Pacific region, and extensive experience in general management, brand marketing as well as strategic business development, developed in senior management roles at leading multinational corporations.

Sunny Lo, chairman of Café de Coral Group, said, "We have transformed the business from owner management to a more sustainable model through our succession plan in the past ten years, paving the way for the group’s long-term development and growth."

"Under this new model, family members will continue to serve as decision-makers on the board of directors, while the daily operations of the company are being entrusted to an experienced professional management team. Our combined efforts will guide the company to the next level of development, in the best interests of our shareholders and the long-term success of the company," Lo added.

Meanwhile, Leung said she has a deep affection for the Café de Coral brand, which has been a household name in Hong Kong and Mainland for more than 55 years.

"The efforts of the founders and former CEOs have laid solid foundations for the group's business and achieved remarkable success. Over the years, the Group has assembled an outstanding team of energised and motivated talent, and working side by side with them to overcome the challenges of the past few years has been a tremendous learning experience that built strong, mutual rapport. I look forward to working together with the entire team to achieve the company's vision and long-term business goals," she added.

On the other hand, Lo will step down as CEO and remain in the role of executive director of the group. Lo said: "As the operating environment stabilises and business returns to normal, the time is right to pass on the reins of responsibility. Over the past few years, I have had the opportunity to work closely with Leung in jointly managing the group's operations and navigating an extremely challenging operating environment. I firmly believe that her professionalism, leadership and charisma will drive the Group to continue maximising business synergies while offering a wide range of dining options that cater to the greater community."

MARKETING-INTERACTIVE has reached out to Café de Coral for more information.

In the recently announced interim results, the group recorded a net profit of HK$200 million in the first half of the year, with earnings per share increasing significantly by 84%, delivering strong performance in a challenging environment.

Its business in Hong Kong picked up significantly, driven by robust planning focused on product design and promotional offerings including hero products, innovative dishes tapping into new product segments, limited time offers and year-round value meals, coupled with a brand building campaign and marketing promotion.

The Quick Service Restaurant business has achieved substantial improvement in margins through significant efforts in operating cost control, manpower productivity enhancement, supply chain efficiency and strategic sourcing, as well as digitalisation and automation.

Its Mainland China business recorded encouraging results, especially during the second quarter. The group has expanded to over 160 stores in the mainland while it only had less than 100 stores in the region before the pandemic. 

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