Peninsula owner Michael Kadoorie grooming his children as possible successors
Tycoon's children are groomed to take over the sprawling global empire, but their father plans to stay at the helm as long as he can
Michael Kadoorie, the 72-year old patriarch tycoon of a global business empire spanning luxury hotels to local electricity supply, is preparing to pass the baton to the family’s next generation.
Kadoorie told the South China Morning Post that each of his three children will be groomed to be a leader of the corporate goliath – but will only be given the job if they really want it.
“In the last three months, the Chinese deputy premier [Li Yuanchao] asked me whether I had any children and whether they would be interested in continuing the business,” Kadoorie said. “I assured him they will be groomed, as I was, to follow my father.”
The issue of succession is looming large for a raft of Hong Kong’s most powerful families.
They are aware the privileges they have enjoyed come with obligations
Peter Woo Kwong-ching last month announced his decision to step down as chairman of conglomerate Wheelock and Co, a move some analysts said could help him pursue a career in politics. His son, Douglas Woo Chun-kuen, was named his successor with effect from January 1.