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

To: ms.smartest.person who wrote (1233)	5/18/2001 12:00:24 AM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

Richard Li may quit CEO post next year By CATHY CHAN Friday 18 May 2001 Pacific Century CyberWorks chairman Richard Li said he might give up his post as chief executive next year if he could find a suitable replacement. "After a year, I may consider recruiting a managing director or chief executive officer, but I would remain as chairman," Mr Li said yesterday. "It's very normal for any company to have two different people as chairman and CEO." CyberWorks' stock has lost almost 90 per cent of its value since its shares peaked in February 2000 as plans to develop the world's biggest broadband Internet business floundered after the collapse of the dot-com boom. Its other main business, running Hong Kong's biggest phone company, is not providing the returns to offset losses from its Internet businesses. The company denied a Financial Times report that it had asked headhunters to find a United States telecommunications executive to replace Mr Li, the 34-year-old son of billionaire property tycoon Li Ka-shing. CyberWorks said agencies were seeking board members to take up high-level executive positions. "There is absolutely no immediate plan to appoint a new CEO," said Mr Li. "In the long term, it's normal if we spot a good talent inside the company or outside." CyberWorks' American depositary receipts rose 3.2 per cent to $US3.57, 3.1 per cent higher than its Hong Kong closing price. CyberWorks was ranked at the bottom of 38 Hong Kong companies in a survey on the quality of corporate governance conducted last month by CLSA, a unit of France's Credit Lyonnais SA. The bank cited the company's poor accountability to shareholders and a confusing corporate strategy. - BLOOMBERG This story was found at: theage.com.au