Hong Kong Disneyland drops bombshell as it announces sudden resignation of managing director for ‘personal reasons’
It’s a world of hopes and a world of fear: plunging profits and the shadow of Shanghai loom over the decision to leave Hong Kong’s version of the ‘Happiest Place on Earth’
Hong Kong Disneyland dropped a bombshell late yesterday, announcing that managing director Andrew Kam had resigned “for personal reasons” and would be replaced by the theme park’s vice-president of operations, Samuel Lau.
No further explanation was given about Kam’s sudden departure, which came after the park reported a loss of HK$148 million last year, marking its first descent into the red since 2011.
“We are grateful to Andrew for his leadership of Hong Kong Disneyland over the past eight years,” said Bill Ernest, the Asia head of Walt Disney Parks and Resorts.
In an official statement issued by Disney yesterday, it was the only recognition of the man who has been managing the park since 2008 after taking over the job from Ernest. The park has turned around from a loss-making venture under Kam’s stewardship.
The rest of the statement hailed Lau as the right man for the job. A relative newcomer to Hong Kong, he began work last year as Disneyland’s vice-president of operations. He started his career with the entertainment giant in 2010 as vice-president of transportation at Disney World in Florida.
The theme park recorded a profit of HK$332 million in 2014, but was hit by a 23 per cent drop in the number of mainland tourists last year.