Prominent Hong Kong business leader Philip Chen Nan-lok has been elected the new chairman of the Jockey Club.

Chen, who has previously held the chief executive roles at the Hang Lung Group and Cathay Pacific, replaces Anthony Chow Wing-kin, who retired on Monday after reaching the age of 70. Michael Lee Tze-hau was elected as the new deputy chairman.

Chen has been a club member since 1987 and a voting member since 2003. Lee, who is currently a director of Oxer Limited, has been a club member since 1989 and a voting member since 2001.

“It is an immense honour and privilege for me to take up this new role,” Chen said.

“Our past chairmen, stewards, voting members and management have built a strong foundation for the club over the decades. In particular I would like to thank my predecessor, Anthony Chow, who has contributed so much to the club and to the community it serves.

“The club has a well-established and highly effective integrated business model, which has enabled us to achieve world-class racing, provide substantial tax and charity support, and deepen our engagement with the community. Certainly in these challenging times the club will do everything it can to support the betterment of our society, which is, and always will be, our purpose.”