Li Ka-shing, CK Hutchinson’s owner and CEO, will step aside mid-May. The 89-year old will then pass on the baton to his eldest son, Victor Li, who will then take control of chains like Kruidvat and ICI Paris XL.
Li Ka-shing and CK Hutchison are not the most well-known names for the general public, but the company has a 43 billion euro turnover and it employs more than 300,000 people worldwide. It owns A.S. Watson and therefore also controls chains like Kruidvat and ICI Paris XL.
The Hong Kong magnate will be 90 in July, but will resign shortly before his birthday. His son, Victor Li, will take over control, but he will continue to advise CK Hutchinson. Victor has been prepared for this moment for years and has allegedly no issue with his father’s continued presence”, De Standaard writes.
Li Ka-shing is a self-made man, having left school at the age of twelve and worked to become one of the richest people in the world. Forbes estimates his value to be 35.3 billion dollars (29 billion euro). His eye for good business deals has earned him the nickname “Asia’s Warren Buffett” in the West.