Imperial Pacific International (IPI) has lost its third key executive in just two months with the company’s CEO and Chairman Henry Cheang stepping down from his role on Friday.
The departure of Cheang, who has also filled the role of Chairman since August, follows that of previous Chairman Marco Teng in early August after just seven months in charge, and Cai Lingli – a former director and Chairperson of the executive committee – who stepped down one week later.
In a statement, IPI said, “We are proud to have had Mr Henry Cheang on our leadership team for the past three years as he has made significant contributions to our company’s success.
“The board would like to take this opportunity to thank Mr Henry Cheang once again for his unwavering commitment. The company wishes him continued success in his future endeavors.”
It’s been a difficult year for IPI, which was recently granted a lengthy two-and-a-half year extension for completion of Imperial Pacific Resort in Saipan after failing to meet its 31 August deadline.
The company also announced a 50.7% decline in revenue for the first six months of 2018 to HK$2.21 billion, while impairment of trade receivables rose to HK$3.3 million.
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