Michael Price has resigned as an executive director of CLP Holdings and managing director of the group's power unit, CLP Power Hong Kong. He will be replaced at CLP Power by Betty Yuen, CLP Power's director of finance and planning. Mr Price said: 'I have been thinking of retiring at 2005 when I will be 55 years old. The earlier retirement will clear the way for someone to work a way through the renegotiation of the Scheme of Control agreement.' The agreement, which governs Hong Kong's power utilities, is due for an interim review next year and expires in 2008.