Lee Shau Kee is retiring as Henderson Land Development Co. Ltd.'s chairman and managing director because of his age.
His retirement from the posts and memberships in the Hong Kong-listed developer's nomination and remuneration committees will take effect May 28. Lee, however, will remain as an executive director of the company.
In light of the impending vacancy, Henderson Land named executive directors and vice chairmen Lee Ka Kit and Lee Ka Shing as joint chairmen and managing directors, according to a filing.
The two executives will also become members of the nomination and remuneration committees, joining independent nonexecutive director Au Siu Kee Alexander, who was also added to the two committees as a member.
Wu King Cheong, another Henderson Land independent nonexecutive director, was appointed to chair the nomination committee, adding to his present roles as chairman of the remuneration committee and member of the audit and nomination committees.
The appointments are subject to the passing of a resolution to amend the company's articles of association during the annual general meeting scheduled May 28.