TVB chairman Charles Chan Kwok-keung has resigned with effect on 4 February 2020.
In a statement, TVB said Chan had signed a conditional sale and purchase agreement to dispose of his shareholding interests in Young Lion Holdings Limited (“YLH”) as part of a proposed reorganisation of the ownership interests among the shareholders of YLH.
After completing the proposed transactions, Chan “will cease to be interested in any shares in TVB.” Chan will also resign as chairman of the executive committee and as a member of the remuneration committee of the board with effect on the same day. Following this departure, Chan will begin his retirement.
Chan was appointed as a non-executive director of TVB in April 2011, and became the chairman of the board and the chairman of the executive committee of the board in January 2015. TVB has revealed no details of Chan’s successor as of yet.
Though no specific reason was given for Chan’s departure, TVB has seen a more challenging business environment in recent years, especially in the wake of citywide protests and accusations of bias in its news reporting. Reacting to this turn of public opinion, several advertisers and brands decided to withdraw ads since last summer, with about 350 employees (10% of its workforce) laid off last month as a means to counter heavy financial losses.
South China Morning Post had reported in December that Chan was expected to quit his position this month.