Contrary to previous reports, PCCW denies searching for Richard Li's replacement
'I have no intention at the moment of standing down, but, as a shareholder, if I feel someone else would be better at putting it (PCCW) in the right shape for the long term, I would not hesitate.'
-- Richard Li, CEO of Pacific Century CyberWorks
(18 May 2001) A representative of Pacific Century CyberWorks (PCCW) has denied reports that the company is actively searching for a new chairman to replace Richard Li.
The PCCW representative said, "Although Richard Li himself has stated that the company is looking for high-level executive officers, we do not have any plans of giving up on him. He is still PCCW’s CEO," reports the May 17 Zhongguo Ribao (China Daily).
Earlier, the Financial Times (FT) reported that PCCW had engaged a headhunting firm to seek suitable CEO candidates to replace Li, the founder of the company.
The FT article cited a source close to the PCCW board as saying that the company wanted someone with extensive experience in the U.S. telecom industry and planned to put this person in charge of daily operations. Li would then retire to a behind- the-scenes role drafting strategies, the story said.
Li’s view
Li responded to the FT report by saying, "I have no intention at the moment of standing down, but, as a shareholder, if I feel someone else would be better at putting it [PCCW] in the right shape for the long term, I would not hesitate."
However, he also stated that high-level personnel changes could take place next year. And another report in the Dow Jones Newswire says Li has "confirmed" that even though he would remain chairman, he might consider hiring a managing director or a chief executive to help with day-to-day operations.
Last year, PCCW, under Li’s leadership, beat Singapore Telecom in a takeover bid for Hong Kong Telecom. The deal was the largest merger in Asian history and brought both companies under the PCCW banner.
After the merger, however, PCCW experienced serious trouble. The firm’s stock price lost nearly 90 percent of its value, an unwelcome move that triggered a chorus of criticism against Li, the story said.
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