Wheelock names Woo's son managing director
Douglas Woo's appointment to company board seen as another family succession move in city
Property and logistics conglomerate Wheelock and Co is the latest company to see a potential successor joining the board.
Douglas Woo Chun-kuen, the 35-year-old son of chairman Peter Woo Kwong-ching, will become a director and managing director from July 1. He will get a director's fee of HK$70,000 and a salary and bonus of HK$10.6 million this year.
Douglas Woo, a former analyst at investment bank UBS, is the vice-chairman and managing director of the group's property arm Wheelock Properties.
Wheelock said Douglas Woo "will involve more in the group's corporate management" and would be working with deputy chairman Stephen Ng Tin-hoi and chief financial officer Paul Tsui to "form the core group to ensure total continuity and seamless transition".
In March last year, Cheng Yu-tung, the founder of property giant New World Development, stepped down as chairman and was succeeded by his son and managing director, Henry Cheng Kar-shun.
Henry's son, Adrian Cheng Chi-kong, an executive director, was assigned to oversee the overall operations of the group while daughter Sonia Cheng Chi-man was appointed an executive director to look after the hotel business.
Li Ka-shing, the chairman of Cheung Kong (Holdings) and Hutchison Whampoa, in May last year announced that his elder son, Victor Li Tzar-kuoi, would take the helm of both companies.
As part of the wealth split, younger son Richard Li Tzar-kai, who controls media and information technology services giant PCCW, will have his father's full support to invest in business, with no conflict with Victor's business.
Peter Woo had last year disclosed his succession plan, with daughter Jennifer Woo Chun-en appointed to oversee luxury retailer Lane Crawford and Douglas the property business.
Douglas Woo studied at Winchester College in Britain and graduated from Princeton University in the US with a degree in architecture. He has a master of business administration degree awarded jointly by the HKUST Business School and the Kellogg School of Management of Northwestern University in 2010.