Hong Kong property giant Hang Lung Group has hired veteran Citi banker Weber Lo as its chief executive offer, the company said in a statement on Monday.
Lo, 47, is one of the best known banking executives in Hong Kong, in part due to his unusual career switch. After graduating from the University of Hong Kong in 1993, he worked for Coca-Cola and Procter and Gamble Hong Kong for about seven years, before making the switch to the banking world.
In an 18-year stint at Citi, Lo held various posts in the US bank, eventually rising to become the bank’s country officer and chief executive officer for Hong Kong and Macau, the most senior position in the Hong Kong franchise at Citi.
As part of his new venture into the property sector, Lo will also be the chief executive at Hang Lung Properties, a Hong Kong-listed subsidiary of Hang Lung Group. He will begin his roles from May 16, Hang Lung Properties said in a statement to HKEx.
Lo becomes the latest in a series of high-profile figures to leave the banking industry in recent years. Most recently, Chinese tech start-ups have poached executives from JP Morgan and Bocom International.
Meanwhile Hang Lung said its current chief executive, Philip Chen, will retire from July 16, after spending eight years with the blue chip developer. Before Hang Lung, Chen was a deputy chairman of Cathay Pacific and an executive director of Swire.
Ronnie Chan, Hang Lung's chairman, said of Lo's appointment: "Weber brings a broad skill-set to the company, which will help us reach new heights."
In a separate statement, Citi's Asia Pacific CEO Francisco Aristeguieta said: “Weber leaves a very strong franchise with an extraordinary leadership team.”
Citi said a replacement for Lo would be named in due course.
