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Bonjour Holdings founders step aside in board shakeup

The husband-and-wife founders of cosmetics retailer Bonjour Holdings have stepped back from their senior leadership roles, effective immediately.

In a statement issued to the stock exchange this morning, the company advised that Dr Wilson Ip Chun Heng has resigned as chairman and CEO but will remain on the company’s board as an executive director, assuming a vice chairmanship. 

His wife, Chung Pui Wan, will step down as vice chairman but remain an executive director.  

No reason for the resignations was given in the statement which detailed a broader personnel shakeup at the company, which has been struggling in the Hong Kong market in the wake of falling inbound mainland Chinese tourist numbers and the more recent Covid-19 outbreak. 

Cheung Ka Fai, currently the company’s CFO, will step up into the CEO spot and company secretary Kennex Cheng Wai Kam will take over as CFO.

The chairmanship has been taken over by Chen Jianwen and Daniel Wan Yim Keung has been appointed vice chairman. 

Incoming CEO Cheung, 45, has been with Bonjour since August 2012. He has more than 20 years’ experience in audit, finance and business advisory, during which he worked for the Deloitte Touche Tohmatsu and in various listed companies in Hong Kong with more than 10 years in senior management roles. 

In March, Bonjour Holdings reported a sales decrease of 18.7 per cent for the 2019 fiscal year, following a 7.3-per-cent decline in 2018. The company’s annual loss attributable to shareholders ballooned from US$5.1 million in 2018 to $16.7 million last year. 

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