TVB CEO Mark Lee Step Downs Amid Board Pressure
The management shake-up at struggling Hong Kong station TVB continues, as CEO Mark Lee (李寶安) will be stepping down. The 65-year-old will officially retire on his own accord after the May 26 shareholder meeting, leaving open speculations over who will succeed him.
Drastic measures, including recent management changes, were urged by majority shareholder and chairman of the executive board, Li Ruigang (黎瑞刚). Harshly criticizing the station for losing its competitive edge in the past 10 years, Li Ruigang demanded sweeping changes to be made immediately.
Since becoming CEO in 2015, Mark has worked to propel TVB’s network to reach a wider audience. He implemented the OTT service platform for many TVB channels, including myTV Super, Big Big Shop, and TVB Anywhere. Despite these digitalization attempts, TVB reported its third consecutive year of financial losses and saw its stock price plummet.
When reached for comments over Mark Lee’s impending retirement, a company spokesperson responded, “We will not discuss any rumors.”
Despite a lack of official response, speculations arose that TVB Chairman Thomas Hui (許濤) will be taking over Mark Lee’s position. However, an insider revealed that this succession would not be possible, because the company policy stipulates that a person cannot simultaneously serve as both the chairman and CEO concurrently. As such, it is speculated that TVB will recruit an outsider with the proper qualifications to take on the position instead.
This article is written by Huynh for JayneStars.com.
Majority Shareholder, Li Ruigang, Believes TVB Has Hit Rock Bottom