Stanley Ho Hands Shun Tak to Daughter Pansy
Macau gaming tycoon Stanley Ho is retiring as chairman of Shun Tak Holdings, his daughter Pansy Ho will assume leadership of the Hong Kong-listed conglomerate, which has businesses in hospitality, property, shipping and investment, the company announced on June 23 after its annual general meeting.
Stanley Ho founded the Shun Tak and has served on its board for more than 40 years. He will be awarded the title of chairman emeritus – a designation sometimes conferred upon retired founders or corporate visionaries who brought their organizations to new heights – as a mark of distinguished service, the company said in a statement filed to the Hong Kong stock exchange. The company said Ho will cease to hold any official position at Shun Tak.
Ho, 95, is Macau’s wealthiest individual and one of the wealthiest in Asia. According to Macau's media reports, his investments span China, Portugal, North Korea, Vietnam, the Philippines, Mozambique, Indonesia and East Timor. In the decades that Ho monopolized local gaming, more than 50% of the territory’s economy came under his ownership.
Ms Pansy Ho joined the Group as an executive director in 1995, and was appointed the managing director in 1999 to oversee the firm’s overall strategic development and management. Ho is the chairman, chief executive officer and a director of Shun Tak – China Travel Shipping Investments Limited and is directly in charge of the Group’s shipping business. She is the chairman of Macau Tower Convention & Entertainment Centre ... continue here