Apparel retailer Giordano has appointed executive director Colin Melville Kennedy Currie as CEO, succeeding Peter Lau, who was terminated from the position.
The company said that Lau has also been removed as director at the special general meeting. Lau has not confirmed whether he agrees or disagrees with the termination and if there are concerns about his employment that need to be addressed.
In addition, the company named Patrick Tsang as chairman of the board, chairman of the nomination committee and a member of the remuneration committee.
Tsang is a cousin-of-law of Sonia Cheng and Christopher Cheng, who are both newly appointed as non-executive directors.
The Cheng family, which owns Hong Kong’s New World Development and Chow Tai Fook, is Giordano’s largest shareholder with a 24.06 per cent stake through its vehicle Sino Wealth International.
Mingtiandi reported that the boardroom power play came in less than two years following Lau’s refusal to the Cheng family’s proposal to take Giordano private through a buyout offer.
In 2022, the family of Hong Kong’s third-richest individual offered to acquire the company’s remaining shares for up to US$325.6 million. However, the bid lapsed after the threshold – acceptance by shareholders representing 50 per cent of Giordano’s shares – was not reached.
Giordano’s attributable net income soared 28.7 per cent to HK$345 million (US$44.1 million) as revenue increased 1.9 per cent to HK$3.87 billion (US$495 million) last year.
