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Hysan CEO stepping down

Hysan CEO and deputy chairman Siu Chuen Lau is stepping down.

The mall operator and property developer says the resignation will allow him to devote more time to personal commitments.

Lau will stay on the board to ensure a smooth transition then be redesignated as a non-executive director of the company.

The company says this will take effect after its next board meeting on August 2.

Already the company is seeking a replacement, with executive chairman Irene Yun Lien Lee continuing to lead the Hysan team in the interim.

Lau, 58, was the acting-head of finance of Hysan Group in 1999. He has also worked as a management consultant at McKinsey & Company, a consumer analyst at Morgan Stanley Asia, and a brand manager of French luxury products. He subsequently co-founded an investment advisory firm.

A member of the Hysan company founding Lee family, Lau has a Bachelor of Social Sciences Degree in management and economics from the University of Hong Kong, and a Master of Business Administration Degree from Insead, France.

He was appointed a non-executive director in 2011, non-executive deputy-chairman in 2012, and deputy-chairman and CEO in 2012.

His redesignation as non-executive director is for a term of three years, subject to retirement by rotation at least once every three years.

Lau has corporate interests in 330,115 shares, personal interests in 80,666 shares and

1,384,334 share options of the company.

After redesignation, he will receive a fee of HK$225,000 (US$29,000) a year for being a non-executive director of the company, and will have no service contract with the company or any of its subsidiaries.

Lau has confirmed that he has no disagreement with the board.

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