CK Hutchison billionaire chairman set to retire by next year

Li Ka-Shing plans to retire as chairman of conglomerate CK Hutchison by next year.

The 89 -year -old’s son, Victor Li, is set to be his successor for the company which has businesses in sports, retail, telecommunications and infrastructure.

A representative for the company said in a statement: "Mr. Li has from time to time talked about his retirement and his confidence in Victor to lead the company. Mr. Li is in very good health. There is no concrete timetable at this stage and Mr. Li will make his official announcement when he decides to retire."

Li Ka-Shing was ranked at number 19 on Forbes’ 2017 list of the world’s billionaires, with his fortune estimated to be around $31.2 billion, making him the second-richest person in Asia.