Sing Tao News Corporation CEO of eight years Siu Sai-wo exits firm

Sing Tao News Corporation's (Sing Tao) executive director and chief executive officer Siu Sai-wo is leaving the company. In a statement, Sing Tao said Siu's resignation will be effective from 2 October as he has decided to devote more time on his personal endeavours. However, according to HK01, Siu is leaving the company to join TVB as management and is expected to take up his new position on 4 October. The same report also said that at an event, Siu told reporters that there will be a statement later and he described Sing Tao as a "good company" and was looking for changes with no further explanation. 

Siu confirmed to the board of Sing Tao that he did not have any disagreement with the board, and there were no other matters with respect to his resignation that needs to be brought to the attention of the shareholders of the company or the Stock Exchange. Siu joined Sing Tao in 1999 and became chief executive officer in 2013.  MARKETING-INTERACTIVE has reached out to TVB for more details. 

Meanwhile, Sing Tao has appointed current executive director and vice chairman of the board Kwok Hiu-ting as co-chief executive officer effective from 2 October. Cai Jin will resign as the chief operating officer and will be appointed as an executive director as well. Cai previously took up key roles in several listed companies in Hong Kong with over 12 years’ experience in media and finance. He is also an adjunct professor at the School of Accounting and Finance of the Hong Kong Polytechnic University, a member of Advisory Committee of the School of Communication and Film of the Hong Kong Baptist University and the advisor of International Business School of Zhejiang University. He is also the committee member of Newspaper Society of Hong Kong.  

Sing Tao's management has seen several changes beginning of this year. In February, former Sing Tao News Corporation chairman and major shareholder Charles Ho Tsu-kwok sold a 28% equity in the company to Kwok Hiu-ting, vice chairwoman and executive director of Chinese property management firm Kaisa Prosperity for HK$370 million. Kwok is the daughter of Kwok Ying-shing, chairman of Kaisa Prosperity. The transaction was completed in June and Kwok Hiu-ting became the major share holder of Sing Tao News Corporation. Her father Kwok Ying-shing is the company's chairman. 

Meanwhile, in August, the US edition of Sing Tao Daily was told to register as foreign agents as required by the US Department of Justice. Filings received by the US Department of Justice showed that Sing Tao US has registered as a foreign agent. On the website of Sing Tao US edition, the company confirmed that five subsidiaries in the US were required to register as "foreign agents", adding that there are misleading reports or libel over this incident, and will take legal actions in response to it.

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