Deputy chairman also resigns from key positions in other group companies to focus on Pacific Century Insurance
PCCW deputy chairman Francis Yuen Tin-fan has unexpectedly resigned after 10 years with the company.
Mr Yuen has also quit as deputy chairman of Pacific Century Group, which owns 22.98 per cent of PCCW, as well as the group's property arm Pacific Century Premium Developments, in which PCCW owns a 62 per cent stake.
The move was simply to 'allow him to focus his full-time attention on' the group's insurance arm, Pacific Century Insurance Holdings, PCCW said.
Mr Yuen will continue his role as executive chairman of Pacific Century Insurance, Pacific Century Group said last night.
Mr Yuen, 53, who is well-known in the city's financial sector, started his career as an investment banker at Citicorp Scrimgeour Vickers Hong Kong and headed the Hong Kong stock exchange at the age of 35, right after the market crash in 1988.