New World Weighs Replacing Billionaire Heir Cheng as CEO
- Rare move follows company’s first annual loss in two decades
- Adrian Cheng poised to be replaced by COO Ma Siu-Cheung
New World Development Co., the Hong Kong property developer owned by the billionaire Cheng family, is considering replacing third-generation scion Adrian Cheng as chief executive officer after writedowns that led to the company’s first annual loss in two decades, according to people familiar with the matter.
Cheng is poised to be replaced by current Chief Operating Officer Ma Siu-Cheung, one of the people said, asking not to be identified discussing private deliberations. The company, owned by the family of billionaire Henry Cheng, is due to report financial results on Thursday. New World didn’t immediately reply to a request for comment and Brian Cheng, Adrian’s brother and co-CEO of New World’s sister company NWS Holdings, declined to comment.