Wheelock & Co., a Hong Kong-based real estate developer and parent of the city’s Wharf Holdings Ltd., said billionaire Chairman Peter Woo, 67, will step down and his son will take over the role.
Douglas Woo, who was appointed as managing director effective July 1, will start as chairman on Jan. 1, according to a filing to the Hong Kong stock exchange yesterday. Peter Woo will remain on Wheelock’s board as a director.
Before joining Wheelock in 2005, Douglas Woo worked as an analyst at UBS AG and was involved in acquisitions and asset management at UBS Triton Fund, according to a separate statement dated June 1, which gave Woo’s age as 35. He’s got a degree in architecture from Princeton University, it said.
Wheelock said in June that Douglas Woo’s salary in 2013 will be HK$10.6 million ($1.4 million), on an annualized basis. Yesterday’s statement made no mention of his pay.
Wheelock rose 0.1 percent to HK$37.65 at the close of trading in Hong Kong yesterday, before releasing the statement. The stock has fallen 3.5 percent this year, compared with the 5.1 percent gain in the city’s benchmark Hang Seng Index.
Peter Woo’s net worth is $7.8 billion, according to the Bloomberg Billionaires Index. He took over management of Wheelock and Wharf in 1986 from his father-in-law, the shipping tycoon Sir Yue-kong Pao, who died in 1991.
Wheelock, founded in 1857, posted a 20 percent drop in first-half net income to HK$10.8 billion ($1.4 billion) in August.