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

To: ms.smartest.person who wrote (1213)	5/17/2001 9:38:11 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Business CEO Hunt at Pacific Century Cyberworks CNNfn INTERVIEW 2001-05-18 Terms and Conditions THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED. BRUCE FRANCIS, CNNfn ANCHOR, THE N.E.W. SHOW: Asia's Internet golden boy Richard Lee, has long been tarnished by a plunging stock price. PATRICIA SABGA, CNNfn ANCHOR, THE N.E.W. SHOW: And now it looks like he could get kicked upstairs. Here's Robert Thomson with a "Financial Times" exclusive. Robert, what have you learned about this Internet golden boy? ROBERT THOMSON, US MANAGING EDITOR, "FINANCIAL TIMES": Well, frankly Patty, it's Richard Lee kicking himself upstairs. Pacific Century Cyberworks has confirmed to the "Financial Times" that they've appointed headhunters to look for a chief executive of the company. Now Mr. Lee admits that this has happened. He says that as a shareholder if they can find somebody better equipped to run the company, he'll be pleased to step aside. He doesn't imagine that will happen in the next few months, but this is certainly a turn of fortune for one of, as you say, Asia's digital darlings. FRANCIS: What kind of CEO are they going to be looking for? A turnaround king? Someone who could break up the company? Any hints about what are the qualities they are looking for? THOMSON: Well the clue that we get from the headhunters is that they're particularly interested in a U.S. telecom executive. So if there are any out there watching, here's an opportunity. And that tells you probably that PCCW very much focused on Hong Kong telecoms and a broadband strategy. It is looking, one for international experience and two, probably to develop beyond its present operations in Hong Kong. SABGA: So Richard Lee, he was so hyped, so celebrated, basically call the Steve Case of Asia. What will be his role if he gets kicked upstairs? THOMSON: Well his intention he says is to focus on strategy. Now, it's interesting, obviously for Mr. Lee but also for his father, the legendary Lee Caching (ph), Hong Kong's leading tycoon and one of Asia's most influential business people. It was thought that at different times in the past that Lee Caching would come in and bail out the son and in this case they're looking for an outsider really to run the company. So as a family affair, a fascinating story too. FRANCIS: Any idea how long the they're being given for this search? And is it definite that they going to get a new CEO or as you said just conditional on whether they can find someone better? THOMSON: Well clearly they've set this process in motion means that something is likely to come about. And to be honest now that it's become public, there is even more pressure on the company to respond, by finding someone of great ability. But this is a company whose share price has fallen 90 percent in the past year. There have been all sorts of scandals surrounding Mr. Richard Lee himself over whether or not he graduated from Stanford in computer engineering as some materials put out by the company suggested. In fact, he never graduated. So it is a company that needs a change of direction and that would most clearly come if there's a chief executive poured (ph) in from outside. SABGA: Robert, is there any particular reason why the company is looking for a U.S. telecom executive? Why not a European telecom executive or another Asian telecom executive for that matter? THOMSON: An interesting question. Probably because the U.S. has in some elements of telecom is ahead of Europe and in broadband strategy and maybe in company management style, there is some edge there on the Europeans. But you know who knows who'll get the job in the long term, but it's pretty fair to say they're out, they're looking and anybody interested should start cueing up. FRANCIS: OK Robert, we've got to cue up the next story. So thank you very much. We appreciate it. Robert Thomson. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 888-CNNFN-01 OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT WWW.FDCH.COM Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved. quamnet.com