Billionaire Li Ka-shing announced his retirement Friday from the business empire he built over nearly seven decades.
Li, 89, will step down as chairman of Hong Kong conglomerate CK Hutchison and property giant CK Asset after the annual general meeting on May 10, the tycoon said. He said he will continue to serve as senior advisor to the company.
"I would like to express my heart-felt appreciation to our shareholders for their unfailing confidence and support in the past years," Li said at a news conference in Hong Kong.
Li will be succeeded by his eldest son, Victor, who was named as "successor in principle" last year. The younger Li, 53, is currently the deputy chairman of CK Hutchison and CK Asset.