Billionaire Peter Woo Passes Wheelock Chairmanship to His Son

November 28, 2013 Leave a comment

Billionaire Peter Woo Passes Wheelock Chairmanship to His Son

Wheelock & Co. (20), a Hong Kong-based real estate developer and parent of the city’s Wharf Holdings Ltd. (4), said billionaire Chairman Peter Woo, 67, will step down and his son will take over the role. Douglas Woo, who was appointed as managing director effective July 1, will start as chairman on Jan. 1, according to a filing to the Hong Kong stock exchange yesterday. Peter Woo will remain on Wheelock’s board as a director.Before joining Wheelock in 2005, Douglas Woo worked as an analyst at UBS AG and was involved in acquisitions and asset management at UBS Triton Fund, according to a separate statement dated June 1, which gave Woo’s age as 35. He’s got a degree in architecture from Princeton University, it said.

Wheelock said in June that Douglas Woo’s salary in 2013 will be HK$10.6 million ($1.4 million), on an annualized basis. Yesterday’s statement made no mention of his pay.

Wheelock rose 0.1 percent to HK$37.65 at the close of trading in Hong Kong yesterday, before releasing the statement. The stock has fallen 3.5 percent this year, compared with the 5.1 percent gain in the city’s benchmark Hang Seng Index.

Peter Woo’s net worth is $7.8 billion, according to the Bloomberg Billionaires Index. He took over management of Wheelock and Wharf in 1986 from his father-in-law, the shipping tycoon Sir Yue-kong Pao, who died in 1991.

Wheelock, founded in 1857, posted a 20 percent drop in first-half net income to HK$10.8 billion ($1.4 billion) in August.

To contact the reporters on this story: Jasmine Wang in Hong Kong at jwang513@bloomberg.net; Simon Lee in Hong Kong at slee936@bloomberg.net

Filed under Macro Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment