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Richard Li may relinquish PCCW CEO role
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HONG KONG'S telecoms and Internet group Pacific Century CyberWorks said yesterday it would consider bringing on a top operational executive in a year, but said Chairman Richard Li has no plans to step down.
"PCCW may consider recruiting a managing director or CEO a year from now, but Richard Li would remain as chairman," company spokeswoman Joan Wagner said.
Wagner was speaking following a report in London's Financial Times that PCCW had appointed a headhunting firm to find a chief executive to replace the 34-year-old Li.
Li, the symbol of Asia's Internet boom and second son of Hong Kong tycoon Li Ka-shing, was expected to take a less operational role following a series of recent setbacks, the newspaper said.
Li told the Times he had no immediate plans to change his role, but that he may step back in six months if a suitable replacement could be found.
The company posted a loss of US$886 million last year, and Li suffered personal embarrassment when he was forced to admit he had not earned a degree from Stanford University, as the company had said he had.
Li has presided over a 90 per cent fall in its share price since bidding for control of Hong Kong Telecom last February. (SD-Agencies)
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