Adrian Cheng resigns as CEO of New World Development

Ma Siu-Cheung will assume his role.

New World Development has announced the resignation of Cheng Chi-Kong, Adrian, from his role as chief executive officer. 

In a bourse filing, the group said Cheng is stepping down to focus on public services and personal commitments.

Following his resignation, Cheng will transition to the position of non-executive director and non-executive vice-chairman of the Company. He will also cease to serve on the executive committee and will step down as chairman and member of the sustainability committee.

Meanwhile, Ma Siu-Cheung has been appointed as the new CEO, effective 26 September.

He joined the company as an executive director in July 2022 and became chief operating officer in January 2024. Ma is also a member of the executive committee and chairman of the sustainability committee. Additionally, he is now an executive director of New World Department Store China Limited, effective the same date.

Prior to joining New World, he was acting CEO of Hong Kong-Shenzhen Innovation and Technology Park from February to June 2018. He also held significant government positions, including Under Secretary for Development from January 2014 to February 2017, and Secretary for Development until June 2017.