CLP Holdings appoints head of its Hong Kong unit as new group CEO as incumbent set to retire
- Richard Lancaster, 61, current CEO and who has been in the role for a decade, will be retiring at the end of September
- Chiang Tung-keung takes over the reins as CLP Power Hong Kong and its peer HK Electric face pressure after blackouts in past year
CLP Holdings, which runs the larger of Hong Kong’s two power utilities and has significant operations in Australia and India, has appointed the head of its Hong Kong unit Chiang Tung-keung as its new group CEO, making him the first Chinese national to hold the role.
Richard Lancaster, 61, the current CEO who has been in the role for a decade, will be retiring at the end of September, CLP said in a filing to Hong Kong’s bourse on Monday.
Lancaster will remain as an executive director and become an adviser to the new CEO until early May next year, when he will step down from all positions at the group upon the conclusion of its next annual general shareholders meeting.
“Mr Chiang, currently managing director of CLP Power Hong Kong Limited, has over 30 years of engineering, broad general management and regulatory experience in the power industry in CLP’s core markets of Hong Kong and mainland China,” the company said.
Chiang, aged 56 according to its March annual report, joined CLP in 1988 as a graduate trainee. He has headed CLP’s Hong Kong operating unit since mid 2017, and has engaged extensively with investors through its debt issuances.
An electrical and electronic engineer by training, he has over three decades of engineering, general management and regulatory experience in the power industry in Hong Kong and mainland China.