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Jack So won't quit PCCW amid talk Richard Li wants him out

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PCCW chairman Richard Li Tzar-kai wants deputy chairman and managing director Jack So Chak-kwong to quit, according to a source close to the tycoon, who added that Mr So's discretionary bonus for last year was cut by 65 per cent by the company's remuneration committee.

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However, Mr So insisted he was not resigning.

The source was backed by another person familiar with the situation in saying that PCCW's five-member remuneration committee, which is chaired by former US assistant secretary of state for Europe Raymond Seitz, yesterday slashed Mr So's discretionary bonus based on his performance last year, citing him for not meeting business targets.

The sources said the remuneration committee criticised Mr So for not actively enhancing the company's business during what was a prosperous year in Hong Kong.

Several financial benchmarks, such as earnings before interest, tax, depreciation and amortisation, cash flow and share price performance, all missed internal targets, they said.

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PCCW's share price fell 9 per cent year on year. It closed at HK$4.71 yesterday.

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