Good things come to he who waits
Late is better than never for Vincent Cheng Hoi-chuen, who becomes the first Chinese executive director at HSBC Group today.
Almost three years in the taipan seat at Hongkong and Shanghai Banking Corp, Mr Cheng, 59, was finally invited to the board. Unlike predecessors such as David Eldon, he was not admitted automatically.
But given the group's increasing reliance on Hong Kong and the mainland, Mr Cheng's elevation was perhaps long overdue, as some insiders observed.
Mr Cheng had made his way up the way from the bottom. After joining HSBC 30 years ago, he worked in the Group Finance department, eventually becoming chairman of the local unit. His annual income is HK$7.5 million, plus a discretionary bonus.
During his time at the city's top lender, he accumulated more than 650,000 HSBC shares through incentive and savings schemes. Even in the current market, his stake is worth some HK$75 million - not bad for a hard-working self-made man.