The chief executive of the MTR Corp, who presides over its aggressive expansion of businesses in Hong Kong and abroad, yesterday announced he plans to retire.
Chow Chung-kong told the board of directors of his intention not to renew his contract when it expires at the end of next year. By that time he will be 61.
'At some point in time, a person has to decelerate,' he said. 'I have been working non-stop for nearly 38 years. I think it's time for me to decelerate and enjoy life.'
Chow will have worked for the government-controlled rail operator for eight years by the time he steps down. Full-time MTR Corp staff retire at age 60 but this policy does not apply to the chief executive's position, which is contract-based.
The decision by Chow not to stay on after his contract expires on December 31, 2011, was not unexpected. Earlier, he shortened his current contract term from three years to two.
But, with five rail extension projects in Hong Kong in the coming decade and Chow reducing his involvement in day-to-day operations in his final year, MTR Corp chairman Dr Raymond Chien Kuo-fung said finding a new chief executive would be challenging. 'I think it's going to be a challenge for anyone to fill his big shoes,' Chien said.
