Peter Woo Kwong-ching will retire as chairman of Wharf (Holdings) to make way for a smooth transfer of control of the business empire to the next generation.
Stephen Ng Tin-hoi, the deputy chairman and managing director, will succeed Woo after the annual general meeting in May. Ng will serve a term of three years.
In a separate announcement, Wheelock and Co, the parent company of Wharf, said Woo would also cease to be a director of the company.
Woo had stepped down as chairman last year and the company is now headed by his son Douglas Woo Chun-kuen.
Analysts said the appointment of Ng as chairman of Wharf was aimed at giving Douglas Woo more time to get ready to take over the helm.
They said investors would react positively to the new arrangement because Ng had been running Wharf for many years.