Li may lure talent to CyberWorks with own cash
2001-05-27
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Pacific Century CyberWorks chairman Richard Li Tzar-kai may take money out of his own wallet to fund incentives to lure senior executives to the company.
"We are always looking for the best executives to join our company," Mr Li said yesterday after the company's annual general meeting.
"If it is necessary, I will consider paying them from my own pocket."
Mr Li, the company's biggest shareholder, also said he had not received an increase in salary or compensation since the merger between CyberWorks and Cable and Wireless HKT.
Some shareholders yesterday questioned recent increases in remuneration packages for executives.
CyberWorks reported a loss of HK$ 6.9 billion in the year to December 31, the company's first annual results since its August 17 merger with Cable & Wireless HKT.
Last month, director Frederick Ma, a former JP Morgan banker, was offered a remuneration package to join the company that included 7.74 million shares owned by Mr Li and worth more than HK$ 20 million at the time.
Talking about his plan to step down from his role as chief executive, Mr Li said he saw no urgent need to do so.
He also said he would not give up his position until after the annual results announcement next year.
"The CEO search will be conducted both internally and externally," Mr Li said. "I really hope I can promote someone internally."
However, he said he could not guarantee when this person would be found. He said he had considered, even before the HKT takeover, the need for a chief executive to run his business.
Meanwhile, Mr Li said CyberWorks' regional mobile joint vehicle with Australia -based Telstra planned to bid for a stake in Singapore's MobileOne (M1) early next week.
CyberWorks has an indirect 14.7 per cent stake in M1 through Great Eastern Communications, a joint venture with Britain-based Cable & Wireless.
"M1 is a very attractive asset for us," he said. But "we are in a buy or sell situation".
Mr Li said the joint venture with Telstra, in which CyberWorks owns a 40 per cent holding, wanted to add M1 to its Hong Kong operation.
But he said CyberWorks would sell its stake in M1 if other bidders won the auction.
M1, the second-largest mobile-telephone operation in Singapore, has one-third of the local market with an estimated 800,000 customers.
Analysts value the operation at between US$ 1.1 billion and US$ 1.4 billion.
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