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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1203)	5/17/2001 2:11:26 PM
From: ms.smartest.person	Respond to of 2248

HK PCCW Li Confirms Mulling New CEO, Managing Director HONG KONG -- Hong Kong's Richard Li confirmed Thursday that he may appoint a new chief executive or managing director to Pacific Century Cyberworks Ltd. (PCW) in a year or so. However, his company has denied that Li has immediate plans to step down from his post as chief executive and chairman of the company. Li said after a year he may consider recruiting a managing director or chief executive officer, but he would remain as chairman, according to a spokesperson with PCCW. Li also said it is normal that a company has two different people as chairman and chief executive. Earlier, the company denied reports from the FT.com that PCCW has asked headhunters to find a U.S. telecommunications executive to replace Li. Li has been under fire for months, in part for a false claim by the company that he graduated from Stanford University in the U.S., but also because PCCW shares have fallen so dramatically - plunging 90% - under his watch. PCCW shares are down to HK$2.73 after hitting an intraday peak of HK$27.86 Feb. 15, 2000. In the wake of this latest news the shares are up 0.93%. Some analysts suggest that investors may be pleased to see Li may bring in more top executive talent to run the company. But others said that the gains underperform the general Hang Seng Index, which is up 1.77%. The PCCW spokesperson said that Li's remarks, in essence, suggest a corporate structure similar to that of Hutchison Whampoa Ltd. (H.HUW), where Chairman Li Ka-shing - Richard Li's father - runs the company, but Managing Director Canning Fok handles day-to-day operations. -By Eric Van Zant, Dow Jones Newswires; 852-2802-7002; eric.vanzant@dowjones.com -------------------------------------------------------------------------------- URL for this Article: interactive.wsj.com -------------------------------------------------------------------------------- Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com Used with permission of wsj.com