Keeping it in the family
Stephanie Lo Bo-yue, the 35-year-old daughter of Vincent Lo, has been appointed as Executive Director of her father’s company Shui On land, following approval by the board of directors announced this week.
With over 14 years’ experience in the property development industry—currently executive director of Shui On Management and vice-chairman of China Xintiandi—and holding a degree in architecture from Wellesley College, Massachusetts, Stephanie has proven that she’s got what it takes to carry on the family empire.
According to the South China Morning Post (SCMP), the move has been regarded by many as Vincent naming his successor in preparation for his pending retirement.
A holder of a Gold Bauhinia Star and Lifetime Achievement Award at the 2012 World Chinese Economic Forum for his work in the property sector, Vincent displayed patience prior to appointing a successor, making sure they were ready for the responsibility, previously commenting; “Whether Stephanie becomes a successor or not depends on her will. I’m not sure.”
See also: Vincent Lo On Shui On And Finding A Successor
Speaking previously with Hong Kong Tatler, Vincent touched on the subject of finding the right person to step into his shoes; “As I look for a successor, I’m trying to listen to everyone’s opinion, from the top to the bottom,” he said. “I want the company to remain a place where people can develop themselves, rather than having a sole ruler or asking my children to step in.”
However, it seems Stephanie shone through by her own merit, “at the beginning of the year when she presented the company’s businesses, other board members were impressed and asked me if we could invite her to join the board,” Vincent said. Though there is no immediate sign of him stepping down just yet, as he makes plans for a smooth transition of responsibilities and hopefully proving that wealth can sustain for more than three generations.
Chief executive of China Hong Kong Capital Asset Management, Tang Sing-hing, agrees that it is a wise strategy to arrange succession plans. “The earlier the better,” he said, “as it takes years for a smooth transition to the second generation.”