Media mogul Run Run Shaw will be relinquishing - at the age of 104 - all his posts at TVB, bringing the curtain down on a remarkable 44-year career in broadcasting.
The firm's board of directors announced yesterday that chairman Shaw (pictured) would be retiring on December 31, when he would also step down as non-executive director and executive committee member.
He would be honoured with the title of chairman emeritus of the company in recognition of his 'sterling contributions', the board said.
Tsang Sing-ming, TVB's deputy controller of external affairs, said Shaw's retirement had nothing to do with his health, which 'showed no major changes'.
Dr Norman Leung Nai-pang, executive deputy chairman, takes over as executive chairman on January 1. The mogul's wife, Mona Fong Yat-wah, remains TVB's deputy chairwoman and managing director.
Shaw, born in 1907, founded the Shaw Organisation with his brother, Runme Shaw, in 1926 in Shanghai. Four years later, the firm became Shaw Studios, which grew to be Asia's largest studio by 1958.
He launched TVB in November 1967, and as controlling shareholder, Run Run Shaw attracted top talents to the station, ushering in what many call the golden age of TV entertainment in Hong Kong.
He was last seen on television on October 3 at TVB City, where he officiated at a lighting ceremony before the firm's 44th anniversary. But he was conspicuously absent from the birthday programme on November 19, for the first time in decades.
Shaw took a major step away from the hot seat on January 1 last year when he relinquished his duties as executive chairman, a role he had performed since 1980, to become non-executive chairman. From 1966 to 2009, he was also chairman of the executive committee.
In March, Shaw sold his entire 26 per cent holding in TVB to a group of investors for HK$6.26 billion.