New World’s previous CEO, Eric Ma, had taken the reins only in September after the shock ouster of Henry Cheng’s son, Adrian, who up until then had been seen as the heir apparent of one of Hong Kong’s top family business empires.
In a town-hall meeting on Nov 29, Hong Kong billionaire Henry Cheng introduced his new pick for CEO to the hundreds of employees gathered virtually, pledging that Echo Huang would help the ailing property developer cut debt and rebuild its residential property pipeline.
The cautious crowd did not ask New World Development’s incoming CEO — its third in two months — any awkward questions about the suddenness of her appointment. But concerns are growing among staff and investors over the company’s stability amid the rapid leadership changes, people familiar with the matter said.
