HONG KONG, March 8 (Reuters) - Property developer and landlord Hysan Development Co Ltd on Thursday said that Chief Executive Gerry Yim will resign, effective from May 14.
Irene Lee Yun-Lien, currently non-executive chairman of the board, assumes an executive role with the company immediately, Hysan said in a filing with the Hong Kong stock exchange. It did not name a direct replacement for the chief executive role.
The company said Yim was resigning to “pursue personal goals”.
The company on Thursday reported that underlying profit rose 14.1 percent in 2011, compared with the previous year, to HK$1.3 billion. Turnover rose 9 percent to HK$1.9 billion, thanks to stronger occupancy and higher rents.
Yim, who joined the company at the start of 2010, told Reuters in an interview last November that the company expected an 8-9 percent rise in commercial rents in Hong Kong’s Causeway Bay district, where its portfolio is concentrated, one of Hong Kong’s busiest shopping districts.
Shares in Hysan were unchanged on Thursday morning ahead of the announcement, which came during the midday trading break, lagging a 1.6 percent rise in the Hang Seng Property and Construction sub-index. (Reporting by Alex Frew McMillan; Editing by Chris Lewis)